From Wilson’s prepared remarks:
The sad fact is that over the course of the last decade 1,500 community banks have disappeared. This is why hearings like today’s are so important. It is an opportunity to change the dialogue from just talking about how important community banks are to what can be done to stop the rapid decline in the number of community banks and start taking action to assure we have a healthy and vibrant community banking sector.Former Chairman of the Financial Services Committee Barney Frank is also set to testify.
During the last decade the regulatory burden for community banks has multiplied tenfold, with more than 50 new rules in the two years before Dodd-Frank. Dodd-Frank is already adding to that burden for all institutions with 5,933 pages of proposed regulations and 8,002 pages of final regulations (as of May 29, 2014) and we’re only half way through the 398 rules that must be promulgated and is poised to add hundreds more affecting all banks. Managing this tsunami of regulation is a significant challenge for a bank of any size, but for a small bank with only 17 employees, it is overwhelming.
Read Wilson’s testimony.