Single US regulator would undermine relationships

Author: | Published: 1 Jul 2009

Banks are arguing that uniform rules from established regulators will be more effective than building new relationships with a single regulator.

After Obama administration officials leaked a plan to recommend a single financial regulator to Congress, in-house counsel at banks have come out against the consolidation that could destroy relationships with existing regulators.

“The banking regulation in this country is piecemeal, but changes are going to be difficult because of...