Va. Bankers Association CEO addresses Nov. 1 meeting

Bruce Whitehurst, president and CEO of the Virginia Banker's Association addressed our club at the Nov. 1 meeting.  Whitehurst touched on the subjects such as the causes of the mortgage meltdown and the scope of regulatory reform banks now face.   He noted that the 2,319 page Dodd-Frank Act had no reform of Fannie Mae and Freddie Mac or of the ratings agencies, two causes of the collapse.  The act did address subprime lending, but the "markets had already figured that out."  He also warned that this act could cause prices for consumers to rise as companies' compliance costs will rise, options will be limited and also price controls will be instituted.