Michael S. Barr: “I have said repeatedly that banks, according to our rules, are well-capitalized today. Our banking system is sound and…”

I personally oppose it quite significantly. I think it is, I would use a technical term, 'dumb,' the way they describe their rule.

I don't agree with that assessment. I think that capital in general is facilitating strong lending to all communities, and having strong capital in the system is critical for doing that.

I do think the banking system is sound and resilient.

The bank did respond to regulator citations but those responses were insufficient.