John Walsh, the former acting Comptroller of the Currency, has doubts about the Financial Stability Oversight Council, wishes Dodd-Frank mandated a single federal regulator for banking, but also says regulators need to be efficient in implementing rules required by the legislation.

He recently shared these and others views in interviews with American Banker editor-at-large Barbara Rehm. "For the first time in seven years, he doesn't work for the government and doesn't have to toe any lines," writes Rehm.

Let DFRW tempt you to read the piece in its entirety with a few choice quotes from Walsh:

"I would love to think that FSOC, the next time around, will have a meeting and catch the crystal just before it hits the cement floor, but I don't think so. I think they'll come with a broom and sweep up the debris."

"Are we looking for a financial system in which there is no chance of a bank failure or market malfunction? If so, it is going to be a very different, much more constrained system than anything we've ever had."

"I am not sure they will get smaller, but I would like to think they will get smarter" (regarding living wills and bank size).

"Our job is to get the new rules in place and get things set up and let people start adjusting to it…the magic of the marketplace is it sort of figures out ways to do things."

For the full piece see "What Ex-Comptroller Walsh Really Thinks About the State of Banking" (may require subscription).