At a Senate Banking Committee hearing on Sept. 14, Sen. Patty Murray, D-Wash., quizzed former regulators on whether it is desirable to extend the Community Reinvestment Act to nonbank financial institution, such as mutual fund companies. The response was a resounding no.

Among those who responded were former Securities and Exchange Commission Chairman Richard Breeden, now with Coopers & Lybrand; former Comptroller of the Currency John Heinmann, now with Merill Lynch, and former Federal Deposit Insurance Corp. Chairman L. William Seidman. Excerpts below.

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