Skip to main content

Eric Holder's Testimony Confirms ICBA's Difficulties

NationalMortgageProfessional.com
Mar 11, 2013

Camden R. Fine, president and CEO of the Independent Community Bankers of America (ICBA), has released this statement following recently testimony from U.S. Attorney General Eric Holder that the size of too-big-to-fail financial firms inhibits Justice Department prosecutions on Wall Street. Holder was testifying before the Senate Judiciary Committee. “The remarks from Attorney General Eric Holder confirm that too-big-to-fail financial institutions operate above the law. Holder’s statement that federal law-enforcement officials have hesitated to prosecute Wall Street firms because of their size and interconnectedness shows that these institutions receive favorable treatment, not only economically but in our justice system as well. Not only have these institutions received billions of dollars in taxpayer support because of the systemic risks they pose, they are also apparently immune from criminal prosecution. Meanwhile, community banks have been left to pick up the pieces under the weight of crushing laws and regulations enacted to halt Wall Street’s unscrupulous behavior." “Attorney General Holder’s statement is a clarion call to policymakers to redouble their efforts to examine the impact of the too-big-to-fail problem on both our economy and our justice system. In fact, these too-big-to-fail financial giants should be downsized and split up to help restore sanity and accountability in our financial system. Only after ensuring that all financial institutions operate on a level playing field can we begin to restore our financial system to proper health.” Fine has been a strong voice in the too-big-to-fail debate since the onset of the financial crisis. In a Jan. 24 blog post, Fine wrote that a recent episode of “Frontline” shows that the too-big-to-fail problem is alive and well. In that episode, the previous assistant attorney general of the Justice Department’s Criminal Division, who has since left the department, said he has lost sleep worrying about the result of prosecuting Wall Street executives on the financial system. “If this isn’t a textbook definition of the problem of too-big-to-fail, I don’t know what is,” Fine wrote.
Published
Mar 11, 2013
'A Long Road To Normal'

Nominated again to lead The Fed, Powell tells Senate committee to expect three rate hikes, but 'if we have to raise interest rates more over time, we will.'

Regulation and Compliance
Jan 11, 2022
CFPB: Complaint Response Worsens At Big 3 Credit Bureaus

Report claims Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.

Regulation and Compliance
Jan 10, 2022
The Fed Names Chairs, Deputy Chairs For 12 Reserve Banks

In recent years, the Federal Reserve System has worked to increase the overall diversity of the Reserve Bank and branch boards of directors and continues to build on those efforts.

Regulation and Compliance
Jan 06, 2022
The Fed: Rate Hike Likely Coming in June

Federal Open Market Committee's December minutes reveal discussion of first hike in federal funds rate in 2Q of 2022, as well as of ending asset purchases by March.

Regulation and Compliance
Jan 05, 2022
AARMR No Protection For Savanah Scares

Conference provides opportunity for regulators to interact, discuss common topics

Regulation and Compliance
Jan 04, 2022
McCargo Sworn In As Ginnie Mae President

Former HUD official becomes the first female to lead the Government National Mortgage Association.

Regulation and Compliance
Jan 04, 2022