By forcing community banks out of consumer lending, Congress has started the process of leaving 16.3 million people [in smaller and rural communities] behind. That may sound dramatic but Texas alone has 126 fewer banks now than before Dodd-Frank — the movement to leave these people without proper financial services is already in motion.
Sandberg called for more balanced bank regulation that protects the financial system without increasing compliance costs and arbitrarily constricting credit decisions. “Finding the right balance is key to encouraging growth and prosperity,” he said.
Read the op-ed.