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Friday, November 18, 2011

Dodd-Frank Causing Regulatory Burden

Steve Wilson, ABA’s immediate past chairman, spoke at the Special Seminar on International Finance explaining how Dodd-Frank has spawned more than 5,200 pages of proposed and final rules causing expensive regulatory burden to the banking industry.
The weight of these new rules creates pressure to hire additional compliance staff instead of customer-facing staff. It means more money spent on outside lawyers, reducing resources that could be directly applied to serving a bank’s customers and community. In the end, it means fewer loans get made, slower job growth and a weaker economy.
Wilson emphasized going forward ABA wants to work with the federal regulators, who have yet to write 77% of the required regulations under Dodd-Frank, understand the real world implications of the many provision.

Read Wilson’s speech.

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