Chuck Schumer actually said...

I have found in New York, and I compared this to my colleagues... that we not only have a failure for people to get new lending.

So if a credit union would want to lend to this small business and the local community banker for whatever reason wouldn't, why not let them...

I think the history shows this was pushed not by the regulators, but by the bankers.

Modernizing our balkanized bank regulatory structure is critical to restoring confidence in our financial sector.