Under Dodd-Frank regulations, businesses with less than $1 million in revenue have trouble receiving funding. File photo
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.