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Bancorp head frustrated with vacancies at financial regulating agencies

Richard DavisThe CEO of the nation’s fifth largest commercial bank expressed his frustration with Congress for not confirming regulators to lead agencies that are supposed to be writing and implementing new banking rules.

Richard Davis, the head of U.S. Bancorp, said that vacancies at the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the new Consumer Financial Protection Bureau are frustrating because banks have no direction on how to begin complying with any new rules, according to SFGate.com.

"Until the comptroller, or the head of the FDIC, are finally confirmed, and until the CFPB is finally appointed, you don't get the same kind of definitive answers, and you don't get the same kind of definitive progress," Davis said, SFGate.com reports.

Davis has held a more positive attitude with regulators than most bankers and has previously urged the financial industry to cooperate with the CFPB.

Eighty percent of the rules required by the Dodd-Frank financial overhaul legislation remain unwritten, however, and banks are struggling with the uncertainty.

"Nothing's getting more clear or progressing very fast," Davis said, according to SFGate.com. "But our ability to now understand that it's not going to happen fast, and our willingness to accept the fact that we have to make up some of the answers until there's a final one, is probably much higher."
 

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