Spicer: Dodd-Frank a ‘Major Driving Force’ in the Decline of Community Banks

EXCERPT: 
SPICER: Good morning, everyone. (Laughter) Thank you, I appreciate it. (Laughter) John Roberts fact-checking from the seats. Good morning! (Laughter) Good afternoon.  (Laughter) It is not my fault. It is on the paper. After receiving his daily intelligence briefing this morning, the president led a national economic council listening session with CEOs of small and community banks. Since 2008, the number of small community banks has declined 30 percent. The dramatic increase in regulation following the financial crisis has been a major driving force in the decline of these banks. Dodd-Frank alone has resulted in 22,000 pages of new regulations. While large banks can hire armies of compliance officers whose sole purpose it is to ensure they meet the ever-growing number of regulations, it increases the cost of doing business for community banks, leaving some not to engage in some forms of lending or simply due to the time and cost involved. Our community banks are key funding sources for small business owners, entrepreneurs, farmers and ranchers across the country, many of whom cannot qualify for traditional loans. They provide approximately half of all loans to small businesses. By reforming the regulatory system so that it is efficient, effective and appropriately tailored, we will stop treating these critical institutions in our community the same as banks that have exponentially more in assets and enabling them to engage even more with small businesses and entrepreneurial things that stimulate local economies paid their banks participating in a listening session are members of the American banking associate and independent community bankers of America. A full participant list is available to those interested.”