“Apple Inc.’s new payment system and others like it should be subject to the same regulations as the biggest U.S. banks to head off attacks by terrorists and computer hackers, BB&T Corp. Chief Executive Officer Kelly King said,” Dakin Campbell reports for Bloomberg.
“Regulators should consider whether such firms qualify as systemically important financial institutions, King, 66, said at a panel discussion in New York at the Clearing House annual conference,” Campbell reports. “Such a designation could lead to tighter capital, leverage and liquidity rules like those faced by banks. While King said he favors healthy free-market competition between banks and nonbanks, industry regulations make that impossible, he said.”
Campbell reports, “‘We are headed toward a socialist system,’ he said, smiling and drawing laughs from the audience. ‘My hope is that going forward we will have a healthy shadow and regular banking system’ all subject to a similar regulatory regime, he said.”
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