Last Friday, the Federal Deposit Insurance Corporation (“FDIC”) released a white paper detailing nine Dodd-Frank Act provisions believed to, despite existing concerns, prove beneficial to community banks. According to the FDIC, these provisions were “designed to address questionable practices of certain non-bank financial services providers and to provide a greater oversight of the largest financial institutions to bring stability to the banking system.”
Among the following provisions listed, below, it should be noted that the Dodd-Frank Act has created a new Consumer Financial Protection Bureau ("CFPB"), to be independently funded by the Federal Reserve. Per the provision, this new CFPB will aid in leveling out the playing field tilted against our community banks.
The OnCourse writing staff work to keep you informed about the most pertinent financial industry news of the moment