Members of the Greenville Chamber of Commerce recently met with bank leaders and staff from several congressional offices about frustrations over Dodd-Frank banking regulations.
More than 12 bank officials talked at the meeting about Dodd-Frank's costs to small businesses and consumers. The Greenville Chamber and Upstate Chamber Coalition work hard to resist and repeal legislation that it feels creates a huge burden for businesses. In the fourth quarter last year, 6,000 pages of new banking regulations were created, costing a typical bank more than 800 hours worth of work in order to comply, based on information from the Banking Compliance Index.
Bank representatives at the meeting noted that originating a home mortgage costs a homeowner twice as much as it did eight years ago. The Federal Reserve’s April Small Business Credit Survey also indicated that businesses with less than $1 million in revenue had trouble receiving funding, which the bank representatives said was due to new Dodd-Frank regulations.
The House of Representatives may soon vote on the CHOICE Act, which repeals parts of the Dodd-Frank regulations.
Besides Dodd-Frank concerns, those present at the meeting also discussed tax reform and computer hacking.