Wells Fargo CEO: Regulations may lead to more small-bank failures

08/28/2013 | AmericanBanker.com (free registration)

Both large and small banks are necessary to meet the diverse financial needs in the U.S., and increasing regulation is burdening small banks, writes John Stumpf, chairman and CEO of Wells Fargo. "My concern is that well-intended regulations, written immediately following the worst financial crisis in recent history, could have the unintended consequence of leading to more failures of smaller financial institutions," he writes. He urges lawmakers to review the Dodd-Frank Act and "assess the benefits of a scaled-down Basel III framework that better fits their operational realities."

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