Recurring Theme: Changing Regulatory Tide
Last week, Democratic Presidential Candidate Hillary Clinton discussed her plans to ease the regulatory burden on community banks. At this point in the presidential race, both candidates have promised some form of deregulation or reevaluation of regulations in the financial services sector. In an opinion piece and press call, Clinton said she would “reduce unnecessary regulations on local community banks and credit unions, while defending tough the new rules on big Wall Street banks” imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
Clinton also appeared to embrace emerging areas of the financial services sector, such as marketplace lending and fintech. She suggested she would similarly alleviate regulatory pressure on industry resources to free up more consumer credit. She said, “way too many dreams die in the parking lots of banks,” adding, a Clinton Administration would “start by cutting the fees and red tape.”