The House Committee on Financial Services has released a full recording of Wednesday’s hearing entitled “The Effect of Dodd-Frank on Small Financial Institutions and Small Businesses.”
Heads of credit unions and small banks comprised the majority of those who testified before the Subcommittee on Financial Institutions and Consumer Credit. Most panelists were against the Durbin Amendment and expressed concern toward the Consumer Financial Protection Bureau.
“The cumulative burden of Dodd-Frank’s rules would demand a massive consolidation on banks’ parts,” said Spirit Bank President and CEO Albert Kelly, according to AdvisorOne.
AdvisorOne reports that the only panelist who showed support for Dodd-Frank was Peter Skillern, executive director of the Community Reinvestment Association of North Carolina.
“He said the Act ‘stands up for the little guys’ in the industry, and will provide a ‘level playing field’ for small financial services companies to compete with megabanks and non-regulated financial services companies,” according to AdvisorOne.
Click here to watch the video of the hearing.
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