Pushing back against what he says is one of the most expensive lobbying efforts by big banks, Senate Majority Whip Richard Durbin (D-Ill.) said today that credit unions and small banks were being used by larger financial institutions.
He said on a conference call organized by supporters of his amendment that those who want to delay the implementation of the rule are trying to erect a smokescreen. He noted that there have already been nine hearings and three Government Accountability Office studies on the subject.
He also noted that all but three credit unions and about 100 small banks would be exempt from the provisions, and accused the big banks of having smaller institutions be the main spokespersons on the issue because the big banks "aren't the most popular folks," these days.
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