Coalition Urges Federal Regulators to Judge Bank License Applications on Qualifications, not Politics
The Domestic Policy Caucus has signed onto a coalition letter urging federal regulators to judge bank license applications solely on qualifications, not on ideological agendas.
In a letter to Kevin M. Warsh, chair of the Board of Governors of the Federal Reserve System, the coalition wrote, "Non-prime consumers need lending products and will find them from unlawful sources if lawful sources are restricted. More banks in this space would expand supervision, not reduce it. Every categorical denial pushes lending further from supervision. The borrower's need survives. Only the regulator's line of sight is lost."