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.

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.