Sen. Elizabeth Warren said the Senate should not allow large banks to use small banks as “cover” in rolling back Dodd-Frank regulation at a Senate Banking, Housing and Urban Affairs hearing Tuesday.
“It is important that our community banks and credit unions thrive, but rolling back important protections to help the bigger banks just puts community banks at a greater disadvantage,” Warren said. “The big banks are going to keep using the small banks as cover for their special rollbacks; that’s what they did before the [2008 financial] crisis, and that’s what they’ve been doing after the crisis. We shouldn’t fall for that trick.”
The hearing focused on providing “regulatory relief” to small lending institutions.