June 16, 2011
Don’t “overact” to the potential impact of the new Consumer Financial Protection Bureau might have on banks, advised US Bancorp chairman and CEO Richard Davis this week, according to Bloomberg.
“It is just simply timely and topical because it’s new and we haven’t had it before,” Davis said at a Consumer Bankers Association conference in Orlando. “But don’t think it’s going to be that harmful.”
Minneapolis-based US Bancorp is the fifth- largest U.S. lender by deposits, according to Bloomberg. The news outlet reports that Davis was one of the first major bank executives to meet with Elizabeth Warren, who is leading efforts to set up the CFPB ahead of its formal opening on July 21.
“The original mandate of the CFPB was a good one, which is disclosure, transparency, clarity,” Davis said. “I love all of that, and I think they are making some progress there.”
Regardless of who becomes the CFPB’s official leader, Davis encouraged financial institutions to be open-minded but “push back when they are overreaching.”
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