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Thursday, February 27, 2014

Dodd-Frank Burdens Small Banks

The Dodd-Frank Act significantly affects small banks and their customers, a Small Bank Survey created by George Mason University’s Mercatus Center found. The legislation has increased compliance costs, including hiring new compliance personnel and increased reliance on outside compliance professionals. The survey shows that, since Dodd-Frank, annual compliance costs have increased by 5% for 83% of banks surveyed. These increased costs can have adverse effects for bank customers:

“The increased regulatory burdens have led small banks to reconsider their product and service offerings, including considering whether to stop providing residential mortgages and overdraft protection.”

The survey included responses from approximately 200 banks across 41 states with less than $10 billion in assets.

Read more.

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