Craig A. Smith │Executive Vice President
Mount Vernon Bank & Trust Co.
206 1st St SW │Mount Vernon │IA │52314
T: (319) 895-8835 │(800) 263-9890 │F: (319) 895-6268
www.mountvernonbank.com
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The industry's big-bank leaders are scheduled to testify Wednesday before In the House Financial Services Committee. The hearing's title-"Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis"-implies it won't be all that friendly. Two of the seven CEOs who will be testifying made some pre-hearing news. Jamie Dimon outlined his views on everything from capital levels to health care to privacy in his 54-page letter to JPMorgan shareholders, while BofA's CEO urged the industry to stick together to fight less-regulated competitors. While many small institutions see the largest banks as their top competitive threat, Brian Moynihan insisted that should not be the case, American Banker reported. "There's been a lot of talk about the differences between big and small banks, but in reality there is no division in our industry," Moynihan said. "The division is between those that are inside the [regulatory] tent and those that are outside."
Did you read Dimon's letter, and what did you think of it? Do you agree with Moynihan's united-industry plea?
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Barb Rehm
Senior Managing Director
Promontory Interfinancial Network, LLC
Arlington VA
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