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| Chugging down the regulatory brew. |
"We have lost more than 3,000 small banks and more than 1/2 of credit unions since 1990. In fact, 85% of banks [and credit unions!] with less than $100 million in assets disappeared between 1985 and 2013.
Not only is the Nation losing small banks [and credit unions!], our regulatory framework is discouraging the creation of new ones.
A frank discussion about what regulatory burdens mean for financial institutions and the communities they serve is long overdue."
- Senator Mike Crapo
Senate Banking Committee Ranking Member
needs to be about!
3 comments:
The first step towards a new look at regulations and a robust second comment period was made this past Tuesday when the voters said enough is enough and elected a Republican majority in the Senate , increased the GOP majority in the House and elected Republican governors in blue states. The credit union industry and it representative associations now have an audience that understands the need for a second look and a review of what has been done to date by financial regulators. The hope must now be that they will pursue the course of action that will make things right.
Suspect that we are not asking the right question. As we move to a almost cashless society are traditional banks and credit unions actually necessary?
We have a problem with architecture not matching reality. Technology is making the traditional credit union/bank structures questionable.
Of course we have a regulatory system that regulate like there are still goldsmith bankers.
We can continue to have ignore one simple fact: The generation coming up does not need you great grandparents bank/credit union structure to get things done.
Technology is not the answer to everything. While it has improved the lifestyles of many and for some made things easier, it has come at a cost. Technology has created jobs for many but has also taken away the jobs for an even greater number. This country was built with the hands of men and women performing manufacturing jobs.Technology took those jobs and if we let it will also take the ones of those who work in traditional bank/credit union structures. Too much of a good thing can be bad.
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