UMB Financial’s Mariner Kemper Provides Testimony at Congressional Hearing

As a result of serving communities, customers and shareholders with prudent and sound financial principles, UMB Financial Corporation (NASDAQ: UMBF) Chairman and CEO, Mariner Kemper, was a featured panelist this morning before the U.S. House of Representatives Financial Services Oversight and Investigations Subcommittee. The testimony will serve as an official congressional record of regional banking successes as new financial regulatory reform measures proceed.

In this morning’s hearing, titled "Too Big Has Failed: Learning from Midwest Banks and Credit Unions," the subcommittee examined the recent performance and success of many community banks, regional banks and credit unions in the Midwest. The hearing was chaired by Subcommittee Chairman Dennis Moore (Third District – Kansas) and held at Johnson County Community College in Overland Park, Kan.

Below are excerpts from Mr. Kemper’s remarks this morning. (Complete written testimony).

“We believe, as you do, that solid Midwestern businesses like UMB and our colleagues here today are very much part of the solution. It is critical that policy makers focus on constructive actions – now – to strengthen businesses, create private-sector jobs and restore growth …

“To bring on economic recovery and put people to work, we need to stimulate business spending – not by increasing government spending or pressuring banks to lend, but by reducing the burden on businesses …

“As further changes are made and rules are developed, we support the strengthening of bank capital requirements, including both the tiered and risk-based capital levels. But the approach should be risk-based, and should focus on incentives rather than regulatory penalties …

“History tells us that lack of regulation is not the catalyst for a financial crisis. Rather, the stability of the system rests on the will of business and political leaders to do what is right, when it is right. If we truly wish to change behavior and counter the forces of human nature, we need to provide incentives for sound financial disciplines.”

About UMB

UMB Financial Corporation (NASDAQ: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, asset management, health spending solutions and related financial services to commercial, institutional and personal customers nationwide. Its banking subsidiaries own and operate 135 banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers. For more information, visit umb.com or follow us on Twitter at @UMBFinancial.

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