Wed April 7, 2010
Barney Frank Praises Local Banks, Says Major Reform Likely By Memorial Day
Kansas City – House Financial Services Committee Chairman Barney Frank was in Kansas City at the behest of his colleague on the committee, Congressman Emanuel Cleaver, to recognize UMB Bank and Commerce as the second and third most healthy banks in the country. This is according to ratings published by Forbes Magazine. Frank said institutions like UMB and Commerce have nothing to fear from bank reforms.
"The major difference will be for the non-banks. Banks that run the way banks are supposed to be run will see very little difference," said Frank.
Frank says strong banks may even benefit. Commerce President and CEO David Kemper, and his cousin UMB chief Mariner Kemper think that's how it should be. They want rewards for prudent management, rather than the regulation coming with new round of reforms. Neither CEO, however, seemed to make much headway lobbying Congressman Frank after the public event.