Michael S. Barr: “It was our judgment collectively on the Federal Reserve Board, and an unanimous decision of the FDIC and the Treasury…”

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

I have said repeatedly that banks, according to our rules, are well-capitalized today. Our banking system is sound and resilient.

We definitely want innovation in our banking system. Innovation has been critical to having a thriving financial sector and a thriving economy.

We are playing right into China's strategy.