The wave of new banking regulations that Congress created to deter and punish Wall Street’s misdeeds is landing with much greater impact on the U.S.’s almost 7,000 community banks than on the too-big-to-fail lenders.
Small banks are pushing to be exempted from what they call an unneeded and overly burdensome U.S. data- collection effort to spot how consumers may be abused by checking account overdraft fees and other charges.
“Too-big-to-fail” legislation unveiled yesterday in Washington is needed to rein in the biggest U.S. banks because the Dodd-Frank Act has failed to guard taxpayers against future bailouts, the bill’s sponsors said.
“Too-big-to-fail” legislation unveiled in Washington today is needed to rein in the biggest U.S. banks because the Dodd-Frank Act has failed to guard taxpayers against future bailouts, the bill’s sponsors said.
The London interbank offered rate was expected to face a prominent U.S. critic yesterday as financial regulators look to improve oversight after three banks paid more than $2.5 billion in fines to settle interest-rate rigging charges.
The Consumer Financial Protection Bureau, which last year began exploring whether to tighten rules on checking overdraft fees, has decided against quick action after hearing from smaller U.S. banks that rely on the revenue.