Subjecting U.S. bank regulation to “peer review” is “a bit rich to swallow,” ABA EVP Wayne Abernathy said in an op-ed in the American Banker newspaper. Commenting on a review recently published by the Financial Stability Board, a Basel, Switzerland-based group of international financial regulators from developed economies, Abernathy wondered how to compare U.S. regulators with their foreign counterparts.
“What do any of these international experts know about a dual banking system made up of nearly 7,000 banks of all sizes, a variety of charters, providing customers with a broad array of business models?” Abernathy asked.
“Given the recent fiasco with efforts to apply the Basel III capital structure to all U.S. banks, large, small, and everything in between, these are not idle questions.”
Read the op-ed.