FSOC's 2014 annual report notes that the Council is charged with promoting market discipline by eliminating the expectation of bailouts in the event of a failure of a large financial company.

Wouldn't it be better to apply 'modified' treatment of the LCR, or other rules, to banks of similar operational activities or risk profiles, even if their sizes differ substantially?

I would just urge you to consider the impact of savers losing their purchasing power.

The crisis has been over for a long time. And it is not as though there is no price to be paid by having this unbelievably accommodative policy.

I am pleased that Senator Moran, and joined now by Senator Heitkamp, will reintroduce the Privacy Notice Modernization Act.

While I am very frustrated with the current regulatory framework for our community financial institutions, I am encouraged by our regulators' willingness to appear today and address some of these issues head-on.

I not only want to thank you for holding this hearing but I also want to take the opportunity to thank the panel of regulators for agreeing to appear before the Committee.

Our offices are frequented by small banks and credit unions who are struggling under a regulatory regime that hasn't been 'right-sized' for them.

We must not forget that more than 400 banks with less than $1 billion in assets failed as a result of the crisis.

the reality is that these small banks have to spend a fair amount of time and energy and resources simply proving that they do not do what they have never done.

I find it wildly implausible to think that that is a reflection of a business cycle.

I was shocked by the amount of regulation that that bank was subject to then, and that was before Dodd-Frank.