Sam Seder
@TheMajorityReport·2M subscribers·30.1K videos
Community Banks Being Killed By Bill That's Supposed To Help Them
Posted
May 17, 2018
Views
2,147
Likes
86
Comments
6
Engagement
4.29%
May 17, 2018
2,147
86
6
4.29%
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9:56Now PlayingIn this Majority Report clip, David Dayen joins the show to discuss bank deregulation in the United States.
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---AFTER INITIAL RELUCTANCE, House Republicans have finally reached an agreement to move forward on a bipartisan bank deregulation bill that the Senate passed in March. Its stated aim — to help rural community banks thrive against growing Wall Street power — appears to have been enough to power it across the finish line.
But banking industry analysts say the bill is already having the opposite effect, and its loosening of regulations on medium-sized banks is encouraging a rush of consolidation — all of which ends with an increasing number of community banks being swallowed up and closed down.
“We absolutely expect bank consolidation to accelerate,” Wells Fargo’s Mike Mayo told CNBC the day after the Senate passed the deregulation bill in March. The reason? Banks no longer face the prospect of stricter and more costly regulatory scrutiny as they grow. And regional banks in Virginia, Ohio, Mississippi, and Wisconsin have already taken note before the bill has even passed into law, announcing buyouts of smaller rivals.---
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