FROM THE OFFICE OF PUBLIC AFFAIRS

Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21^st century.

This historic legislation will better enable American companies to compete in the new economy. It will stimulate competition, increase choice and reduce costs for consumers, communities and businesses. It will promote diversification and stability in our financial system. It will provide important new privacy protections for consumers beyond existing law. And it also establishes an important principle: no bank can take advantage of the new opportunities of this law without demonstrating it is serving communities, including low and moderate income communities.