Two of the country's major bank CEOs have moved to distance their organisations from claims by AMP chairman David Murray that reregulation of the local financial services market was returning the sector to the 1970s.At the AFR Banking Summit in Sydney on Wednesday the AMP chair warned that regulators' attempts to reshape bank cultures had gone "over the top" and that aggressive enforcement of black letter law could undo important reforms to the financial system since the 1981 Campbell Inquiry."We have to rectify the anomaly in responsible lending law that may cause an unneeded contraction in credit," Murray told the summit."If we don't do these things, we will be adding to future systemic risk by heading back to the pre- Campbell days."While Murray's blasting of financial regulators is the loudest example of industry pushback against the recommendations of the Hayne Royal Commission, his baking of regulators won no support from the chief executives of NAB and ANZ who each appeared before the House of Representatives economics committee on Wednesday.NAB's acting CEO and chairman-elect Phil Chronican said he did not support Murray's views on the direction of financial regulation."Banking regulation has become a lot more stringent but I wouldn't rush out to endorse David's view because my view is that we have brought this upon ourselves," he said."Until we get our house in order it's entirely appropriate for the community to have a higher level of regulation."Chronican said he believed that the intent and substance of such measures as the Bank Executive Accountability Regime were appropriate, although he could argue "at the margin" that the additional paperwork had become onerous."But I don't think I would want to be on the record saying that they were over the top," he said.ANZ chief Shayne Elliott, who said he had not read Murray's comments, told the parliamentary committee that he was comfortable with recent measures relating to responsible lending and executive pay."I don't believe it has been over the top in terms of the scrutiny we've had or what we have seen in terms of regulation to date," he told the committee.However, Elliott and Chronican each singled out Commissioner Hayne's recommendation to abolish mortgage broker commissions as the only potential reform likely to disrupt consumer access to home loan advice.The rejection of Murray's observations by the bank CEOs came as ASIC chairman James Shipton warned the industry against engaging in 'pushback' against the reforms to the regulatory framework."In only 50 days since the handing down of the Royal Commission's Final Report, we are already reading criticisms of our approach to litigation," he said."ASIC's mandate is crystal clear: If the law is broken we need to enforce it."Shipton said he was concerned by efforts of some institutions to resist "meaningful mindset change"."These sentiments ultimately and unfortunately perpetuate an unhelpful culture of resistance and reluctance," he said."Accordingly, they run counter to our role of enforcing the law, protecting consumers and catalysing positive behavioural change."