Former Wells Fargo Chief Executive Richard Kovacevich on Friday said that "regulation is killing small banks."
Speaking on CNBC, Kovacevich noted that some 1,500 banks have disappeared since the Dodd-Frank Act was passed in 2010 and predicted even more bank consolidation in the years ahead unless regulations are rolled back.
"It is very unfair, the level of regulations being put on small banks and small businesses," Kovacevich said, adding that large companies are better able to "deal" with regulation than small ones.
Congress is considering regulatory relief for community and regional banks. Last week, members of the Senate Banking Committee approved the Financial Regulatory Improvement Act by a 12-10 vote.