U.S. banking lobbyists said on Wednesday they disagree with presidential candidate Donald Trump's call for a wholesale repeal of President Barack Obama's financial reform law, even though they share his view that it is overly burdensome.

U.S. banks do want changes to the 2010 Dodd-Frank law, but after spending millions of dollars to bring themselves into compliance with it, they are wary of Trump's call for it to be essentially scrapped.

Trump, the presumptive Republican presidential nominee, vowed on Tuesday to dismantle most of the law. "Dodd-Frank has made it impossible for bankers to function," he said in an interview.