FDIC Chairman Sheila Bair got “exasperated” yesterday while a bunch of bankers cheered for the repeal of Dodd-Frank.
Anytime she said anything else, the small bank execs in the audience miserably groaned.
Federal Deposit Insurance Corp Chairman Sheila Bair got exasperated [during an appearance at an American Bankers Association on Wednesday.]
Bair tried to persuade the audience that Dodd-Frank is almost completely targeted at large banks. Groans followed.
Then she mentioned that the new Consumer Financial Protection Bureau could help bankers eliminate some of the paperwork involved in mortgage disclosures, drawing more groans…
“Is there ever times when you can acknowledge what regulators have done to help the stability of the industry? What the FDIC has done? What, frankly, Dodd-Frank did? I think there needs to be some acknowledgment of that,” Bair said…
“The only thing these new regulations are doing for us is raising our costs,” a Vermont banker told Bair.
Bair asked, [so do you want to repeal Dodd-Frank and give up the benefits?]
The question got huge cheers.
“I can’t believe this. I really can’t believe this,” Bair said.
Sounds like the best meeting about finreg ever.