© 2022 Kansas City Public Radio
NPR in Kansas City
Play Live Radio
Next Up:
Available On Air Stations
KCUR FM is currently operating at lower power. KCUR HD1 and HD2 are off air while Kansas City PBS performs repair work. Signals will be restored this afternoon.

Local Bankers Tell Congressional Subcommittee Financial Reform Will Cost Them

Laura Ziegler
Congressman Dennis Moore studying during his hearing \"Too Big Has Failed: Learning from Midwest Banks and Credit Unions.\"


Johnson County, Kansas – Local bankers and credit union officers told a Financial Services Subcommittee hearing in Johnson County yesterday that the recent financial reform bill would place local banks at a competitive disadvantage.

David and Mariner Kemper, cousins, and CEO of Commerce Bank and UMB respectively, said their institutions have survived , and thrived, because they stuck to conservative, traditional banking practices. They both said they were community-based and emphasized relationships with their customers.

The Dodd-Frank bill, named for Democratic Senator Chris Dodd and Representative Barney Frank, would create a financial consumer watchdog commission and put more restrictions on bank transactions to prevent the kind of financial mismanagement that brought down Wall Street. The Kempers, and others at the hearing, said the new regulations will impose fees on small and medium - size banks, banks that were NOT responsible for the financial meltdown.

Commerce CEO David Kemper.

"The FDIC insurance costs that have increased already are going to increase on banks of 10 billion and above. That's clearly going to affect our bank. The Consumer Protection Financial Bureau has potential to add substantial cost and restrict business."

This is the second in a series of hearings on the financial crisis sponsored by Congressman Dennis Moore, Chairman of the Financial Services Oversight and Investigations Subcommittee.

KCUR serves the Kansas City region with breaking news and powerful storytelling.
Your donation helps make non-profit journalism available for everyone.