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Midsize Banks Split From Wall Street Agenda

Regional banks like U.S. Bancorp and SunTrust Banks set up their own lobbying shops.

By Carter Dougherty and Cheyenne Hopkins, Bloomberg | Updated on November 02, 2012

Mid-sized banks that mostly let Wall Street and small firms speak for the industry during the debate over the Dodd-Frank Act have decided it’s time to carve out their own agenda in Washington.

Companies including U.S. Bancorp, SunTrust Banks Inc., PNC Financial Services Group Inc. and Regions Financial Corp. are opening their own lobbying shops and staffing them with seasoned Washington hands. Regulators and lawmakers have begun to pay attention as the banks argue for changes in how they’re affected by Dodd-Frank rules including the so-called Volcker ban on proprietary trading and procedures for unwinding failed banks.

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