Speculation has grown recently that the banking industry is facing a "December surprise" -- that is, a sudden spike of bank failures after the presidential election. At a Senate Banking Committee hearing last week, three regulators and four industry observers agreed there would be no surprise.

But one of the witness, author Martin Mayer, said the industry should not take much comfort from that. Excerpts from his testimony follow.

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.