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Warren: ‘We Should Do Targeted Changes’ To Regulations On Community Banks

REUTERS/Mike Segar

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Robert Donachie Capitol Hill and Health Care Reporter

Massachusetts Democratic Sen. Elizabeth Warren announced Tuesday that she is willing to throw her support behind easing regulations imposed on community banks after the financial crisis of 2007.

“There are places where we should do targeted changes in laws and regulations to make sure community banks don’t have to endure regulations,” Warren said Tuesday at the Wall Street Journal CFO Network Annual Meeting. The senator explained that it is likely unfair for community banks to endure heavy regulations imposed on large banks when they “don’t pose” the same kind of threat to the economy if the endure a crisis.

Warren did say that she would not support rolling back regulations on Wall Street or dismantling the Consumer Financial Protections Bureau (CFPB).

The CFPB is the brainchild of Warren, who believes the bureau is vital to constrain Wall Street and protect ordinary American consumers. (RELATED: Trump Goes After Liz Warren’s Legacy)

Trump ordered Secretary of the Treasury Steve Mnuchin and the Department of the Treasury in early February to conduct a thorough review of regulations imposed on the banking and financial sectors after the housing market collapse of 2007. (RELATED: Trump Signs Executive Order To Dismantle Dodd-Frank) 

President Donald Trump’s administration released the report Monday that included features like easing capital and liquidity requirements on banks to overhauling the CFPB. The report characterized the CFPB as an “unaccountable” agency that has abused its power and recommended that agency’s power be limited in scope.

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