The Office of the Comptroller of the Currency has concluded "the negatives significantly outweigh the positives" in financial reform legislation approved by the House Banking Committee last week.

"The total package contains significant rollbacks in the current authority of national banks, imposes unique new burdens on all banks relative to their competitors, and imposes new sets of regulatory requirements on banks," according to a memo OCC Chief Counsel Julie L. Williams sent Tuesday to Comptroller Eugene A. Ludwig.

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