Search Results for ‘dodd-frank "community bank"’

Thousands fewer community banks under Dodd-Frank

At last night’s Republican debate in New Hampshire, Carly Fiorina criticized how the Dodd-Frank law is strangling community banks, as well as its encouragement of yet bigger Wall Street firms and Congress’s failure to reform mortgage entities Fannie Mae and Freddie Mac. More on community banks here, from Scott Beyer, and in several past posts. [And: Hans Bader, CEI.]

P.S. We’ve previously noted this WSJ account from March on one of the most dramatic aspects of the trend, the throttling of de novo bank formation:

Based in a rural village in the heart of Amish country, Bank of Bird-in-Hand is the only new bank to open in the U.S. since 2010, when the Dodd-Frank law was passed and enacted. An average of more than 100 new banks a year opened in the three decades before Dodd-Frank.

Community banker: it’s better in the U.K. at this point

“When I went to Britain I thought the regulatory environment would be much worse,” he says. “It’s infinitely better there,” says Vernon Hill, who headed for the U.K. after a career in the community bank sector in the United States. The founding of new banks has fallen virtually to zero in the U.S. since the enactment of Dodd-Frank [Stephen Moore, W$J via Kevin Funnell]

Banking and finance roundup

Banking and finance roundup

  • Calvin’s refuge: how Swiss banking confidentiality undermined state despotism [Matt Welch, who also discusses how the gruesome FATCA law is proving to be the first component of an multilateral effort by OECD governments to curtail account privacy]
  • Dodd-Frank compliance costs and the rapid decline of community banks [Marshall Lux and Robert Greene/Kennedy School, Carrie Sheffield, Jeff Sovern with a scoffing view; WSJ]
  • “The IRS seized $242 million based on suspected structuring in more than 2,500 cases from 2005 to 2012.” [Jacob Sullum, new Institute for Justice report (PDF) by Dick Carpenter II and Larry Salzman and summary] More: new structuring case against Dubuque, Iowa widow raises question of whether feds have really followed through on promise not to press structuring charges where income is otherwise legal [AP/WHEC]
  • “House Investigators: DOJ Forced Banks to Donate to Left-Wing Groups” [Joel Gehrke, NRO]
  • “FDIC retreats on Operation Choke Point?” [Todd Zywicki] Rep. Luetkemeyer likely to keep up the pressure on regulators [Kevin Funnell]
  • “Fed Officials Accused of Perjury in AIG Bailout Trial” [Lawrence Cunningham, Concurring Opinions]
  • “Standard & Poor’s Settlement Shows Futility Of Fighting Government Policy” [Daniel Fisher, earlier]

Financial roundup

  • New York plaintiff wanders the South looking for ATMs out of compliance with federal fee sticker regulation [Kevin Funnell, Bank Lawyers’ Blog, earlier]
  • In the mail: Stephen Bainbridge, “Corporate Governance After the Financial Crisis” (Oxford, 2012), with blurb from NYT “Deal Professor” Steven Davidoff: “an important book for those seeking to understand the theoretical and practical implications of Dodd-Frank, Sarbanes-Oxley, and the federal government’s foray into corporate regulation.”
  • American lawprof understandably unpopular trying to defend FATCA to the Swiss [TaxProf, earlier here, etc.]
  • Bank is trustee for mortgage holders, says loan servicers are responsible: “LA Files Big-Bucks Suit Against ‘Slumlord’ US Bank, Blames Lender for Condition of Foreclosed Homes” [ABA Journal]
  • “Swiss Banks Face ‘Slow Death’ As Foreign Powers Chase Undeclared Assets” [Giles Broom, Bloomberg/Business Insider]
  • “A comprehensive list of hyperinflations in history” [Steve Hanke/Nicholas Krus, PDF, via Ian Vasquez, Cato]
  • Warning: regs could “wipe out community banking industry by end of this decade” [Cam Fine, ICBA via Iain Murray]

July 18 roundup

  • Per New Jersey court, overly sedentary home office job can result in valid worker’s comp claim [Courier-Post, NJLRA]
  • Trial bar’s AAJ denies it played “direct” role in backing “Hot Coffee” [WaPo, some background]
  • “Cop repeatedly harasses waitresses, never disciplined. Feds defend their civil rights by . . . suing the restaurant.” [Palm Beach Post via Radley Balko]
  • On “unauthorized practice of law” as protective moat around profession’s interests, Britain does things differently [Gillian Hadfield via Andrew Sullivan; related, Larry Ribstein] Forthcoming book by Robert Crandall et al urges lawyer deregulation [Brookings]
  • “The Treaty Clause Doesn’t Give Congress Unlimited Power” [Ilya Shapiro, Cato on Golan v. Holder case headed to Supreme Court]
  • The small bank regulatory shakedown blues [Kevin Funnell] Why is the Department of Justice including gag orders as part of its enforcement decrees against banks on race and lending? [Investors Business Daily via PoL] “Emigrant fights back against mortgage-discrimination suits” [Fisher, Forbes] Dodd-Frank squeezing out community banks [Funnell]
  • “North Carolina to Seize Speeding Cars That Fail to Pull Over” [The Newspaper] “With what, a tractor beam?” [James Taranto]