MINNEAPOLIS ( TheStreet) -- Wells Fargo (WFC) CEO John Stumpf issued perhaps his bluntest criticism of new bank regulations in a speech and Q&A session on Tuesday in his native state of Minnesota, saying "government price controls" have put an undue burden on his industry.
|Wells Fargo CEO John Stumpf.|
Stumpf, who leads the country's fourth-largest bank and second-largest mortgage servicer, also issued grim predictions for the housing market and income inequality if lawmakers don't set better policies going forward.
He was particularly critical of new rules related to debit and credit cards that will hinder banks' ability to charge fees, raise interest rates and manage risk. A proposal by the Federal Reserve related to debit-card interchange fees that banks charge merchants will cut it a level of to 12 cents per swipe, down 72% from the typical 44 cent per swipe fee they now charge, according to research firm R.K. Hammer.
"We have government price controls
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