Many small towns and communities of America … exist because of the bank in their town ... and if those small banks that had nothing to do with the fall of ’08 are crippled as the result of pile-ons of regulations and costs, they’ll find a buyer … or they’ll just get out of the business entirely.He explained that there is a danger that Dodd-Frank regulations can hurt or destroy some small-bank business models.
What is the Consumer Financial Protection Bureau going to do in the fair-lending space? What is the [CFPB] going to do in terms of the overdraft fees, and all of these other things that are central to some small banks’ business models?Keating also addressed the JPMorgan Chase trading loss, Basel III and the Volcker Rule in the wide-ranging interview.
People need to realize that there will be reactions to whatever actions all of these 7,500 pages of [Dodd-Frank] regulations demand. And we want to make sure as an industry that those reactions are sensible and beneficial to the public, and not just crippling to an industry that’s essential for growth, prosperity and jobs.
Listen to the interview.