Higher costs, few benefits. That from Rose Oswald Poels with the Wisconsin Bankers Association, who says community banks have “huge concerns” over the costs of compliance contained in the reform legislation. Oswald Poels says the new regulations are going to impact the bottom lines of small to medium sized banks – and there will be impacts on their customers as well
The U.S. Senate is expected to take action on the biggest rewrite of banking laws since the Great Depression sometime in the next two weeks. The WBA recently surveyed its member banks, and survey respondents overwhelmingly said it will increase compliance costs, limit revenue opportunities and may force them to charge for services that are currently free.