US Bancorp’s chairman and CEO says banks shouldn’t “overreact” to the creation of the CFPB, or worry about its effect on business.

“It is just simply timely and topical because it’s new and we haven’t had it before,” Richard K. Davis said yesterday at a conference of the Consumer Bankers Association in Orlando, Florida. “But don’t think it’s going to be that harmful.”

He also went on to say re: the CFPB director nomination:

“I think we probably ought to embrace it and move forward and work with whomever is in that position.”