CNBC interviewed US Bancorp CEO Richard Davis regarding his bank’s repayment of TARP funds. In addition, Mr. Davis talks about retiring the ten year warrants that were issued as part of the TARP arrangement and projects that US Bancorp will not need to issue additional FDIC insured debt.
Mr. Davis also briefly comments on the Obama Administration’s plans for restructuring the financial regulatory system and expressed particular concern about the need for a new regulator focusing on consumer protection. He would prefer to work on consumer protection programs within the existing regulatory structure. This is a common concern that has been widely expressed as details of the regulatory proposals emerged this week.
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Disclosure: The author does not own shares of US Bancorp.