The State Of Community Banks And Credit Unions And The Potential Role Of The Dodd Frank Act

Author : U.s. Government Accountability Office
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781974183784
Total Pages : 88 pages
Book Rating : 4.1/5 (837 download)

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Download or read book Community Banks and Credit Unions written by U.s. Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-08-04 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: " The Dodd-Frank Act includes numerous reforms to strengthen oversight of financial services firms and consolidate certain consumer protection responsibilities within CFPB. To help minimize its regulatory burden on small institutions, including community banks and credit unions, the act exempts such institutions from several of its provisions. However, the act also contains provisions that impose additional requirements on small institutions. Although no commonly accepted definition of a community bank exists, the term often is associated with smaller banks. Historically, community banks and credit unions have played an important role in providing credit to small businesses and other local customers. This report examines (1) the significant changes community banks and credit unions have undergone in the past decade and the factors that have contributed to such changes, and (2) Dodd-Frank Act provisions that regulators, industry associations, and others expect to impact community banks and credit unions, including their small business lending. GAO analyzed regulatory and other data on community banks and credit unions; reviewed academic and other relevant studies; and interviewed federal regulators, community banks, credit unions, state regulatory and industry associations, academics, and others. "