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Monday, July 23, 2012

Keating Offers Perspective on DFA Anniversary

The Dodd-Frank Act has made the American regulatory system hard for the typical bank to digest, ABA President and CEO Frank Keating told CNN in a program that aired on Saturday, the two-year anniversary of the law’s enactment.

Keating noted that banks are subject to an “alphabet soup of regulations.” Banks are subject to rules from numerous agencies, including the FSOC, the Fed, the FDIC, the OCC and the CFPB.
You want a regulatory system you can actually chew and digest. And when you’re looking at Dodd-Frank, with 240 rules, 100 yet to be written, 8,000 pages of proposed and final rules -- how many Dostoevsky and Danielle Steele novels is that? It’s pretty hard for these small banks to digest.
Watch the interview.

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