Tag Archives: Regulatory Burdens

The collapse of financial institutions due to subprime lending and risky derivative trading left many wondering if banking was regulated enough.

The Home Mortgage Disclosure Rule is one of the rules that is still pending; AAF estimates it will impose another $2.1 billion in final rule costs to go with 90,000 paperwork hours. The rule was originally scheduled to go into effect on August 1, but the CFPB announced this date would be pushed back due to an "administrative error"; the new proposed effective date is October 3.

One of the witnesses at the hearing, Dean and Professor of Law at the University of Virginia School of Law Paul G. Mahoney, said a consequence of Dodd-Frank will be fewer and larger banks in the United States, because Dodd-Frank has layered on "costly new regulations that the large banks can afford but smaller ones cannot."

During a hearing spread out over two days at the U.S. Senate Committee on Banking, Housing, and Urban Affairs on February 10 and 12, Committee chair Richard Shelby (R-Alabama) pointed out a “bipartisan understanding” that financial institutions need relief from perceived overregulation.

Three government agencies – the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC) – have announced additional outreach meetings to discuss their collective effort to reduce regulatory burden placed on them by the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA).