I, like many Americans, have had three difficult years trying to survive this recession and to keep people employed. This administration has made a point to go after the banks as the cause of the bad times we are in and lump all banks together. Bankers are like lawyers, ya not crazy about them, but when the need arises you hope they will be there for you.
I have worked with a small community bank for years and have found my contact person their to be most accommodating and helpful to me and many of my associates. Soon we will find the new financial reform bill, like the health care bill, will make life for most of us more difficult. One of my favorite rants is, " if the inspectors and enforcers could only do their jobs now, we would not need more laws and more inspectors". Government is the problem, not the solution.
The Dodd-Frank Act recently signed into law by President Obama makes it harder to implement a too-big-to-fail policy, but with more 2,000 pages of reform-minded prose, there is plenty of concern about whether the new regulations will make it harder for small community banks to succeed.
“We fear there are many unintended consequences from the new financial reforms,” said Daniel Forte, who is president of the Massachusetts Bankers Association. “This could lead to significantly higher costs and more regulatory burden while accelerating consolidation trends.”
Bank of Cape Cod Chief Executive Tim Telman said bank reform’s new regs add new burdens for his bank, which has about $108 million in assets after opening its doors in 20