WASHINGTON - Responding to criticism from consumer activist Ralph Nader, the president of the Independent Bankers Association of America said scaling back regulations will help consumers in the long run.

"We do not believe that our actions are inimical to the wishes of the American consumer," said the group's president, Richard L. Mount, in a July 6 letter to consumer activist Ralph Nader.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.