Hawke warns on US bank over-regulation

Regulatory Update

Hawke doubted whether the consumer protection regulations actually provide enough benefit to consumers, to justify the cost burdens they impose on banks. He said consumers receive more information – whose production is costly – than they need to, in order to make correct decisions about their investments.

But Hawke equally blamed the ABA members for failing to denounce abusive practices by some banks. "I believe that the failure of the industry's leaders and the best of our banks to denounce