The formation of the so-called American Securities Association on Wednesday comes as big banks are facing increased scrutiny from regulators about their size and risk to the financial system.
Regional banks, which typically cater to the needs of mid-sized businesses and local families, serve a different purpose than their Wall Street counterparts. "Deep roots and knowledge of local markets allow ASA member firms to better serve their communities than larger Wall Street firms," Curt Bradbury, chief operating officer of Stephens Inc and the group's chair, said in a press release."Washington's one-size-fits-all approach to industry regulation disproportionately harms our ability to drive economic recovery and job creation." The group also includes executives from BB&T Securities, Stifel Financial Corp