Sen. Elizabeth Warren has a talent for asking questions and for following logic. Watch her skewer Chairman-Elect of the American Bankers Association (ABA) Mr. R. Daniel Blanton at the Senate Banking Committee hearing on February 12, 2015.
Regulatory Relief for Community Banks and Credit Unions
We’ve heard a lot today about how smaller banks are being smothered by unnecessary regulations supposedly because of Dodd-Frank rules like the new mortgage rules that went into effect in the first quarter of 2014. Now, I’ve been looking for some hard data to support that claim.
According to the latest report from the FDIC, the banking industry as a whole, posted earnings of nearly $40 billion dollars in the third quarter of 2014. That was a 7.3% increase relative to the third quarter of 2013. In other words, the banking industry did substantially better after the mortgage rules took effect in January of 2014.
And here’s the kicker. Community…
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