The Dodd-Frank regulations installed after the financial crisis were meant to reign in too-big-to-fail banks, but small lenders are the ones falling victim.
More than 800 credit unions have gone out of business since 2009, according to Nicholas Ballasy for the Credit Union Times. He got that number from the testimony of a witness for the National Association of Federal Credit Unions in a congressional hearing on the regulatory landscape for small financial institutions last week. “While there are a number of reasons for this decline, a main one is the increasing cost and complexity of complying with the ever-increasing onslaught of regulations,” the witness told the House Small Business Subcommittee on Investigations.
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