The Independent Community Bankers of America and the American Bankers Association teamed up Tuesday to oppose the consolidation of bank regulatory agencies.

In a joint letter to Senate and House banking committee leaders, Camden Fine, president and chief executive of ICBA, and Edward Yingling, the president and CEO of the ABA, said a single bank regulator "would inevitably undermine the dual banking system" and that the current system "provides a healthy check against any one regulator neglecting its duties."

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