Barney Frank: Dodd-Frank needs reforms under Trump White House

by Dramelin 9:30 PM 0 comments

The top 10 U.S. banks are subjected to stricter rules reserved for banks with assets above $250 billion. Dodd-Frank also established the Consumer Financial Protection Bureau that protects consumers against risky practices by banks. Critics of Dodd-Frank said the stringent rules discouraged lending and burdened smaller banks unnecessarily. Already, a relatively small number of banks fit the criteria that subject them to more supervision and higher standards. Frank also said reforms were needed to help banks with assets under $10 billion from overspending on compliance for the same provisions faced by the bigger banks.