During a Senate Banking Committee hearing last week that focused on community banks after the financial crisis, Sen. Elizabeth Warren (D-Mass.) asked witnesses if a two-tiered regulatory system would be appropriate as small institutions struggle to comply with Dodd-Frank Act regulations that were meant for big banks.
"After the crisis, there was nearly a panic about people who couldn't get access to credit, and one of the responses, of course, was Dodd-Frank," the Consumer Financial Protection Bureau organizer said during the June 13 hearing.
"But one of the concerns I have about Dodd-Frank is that we now have a regulatory system that, while Dodd-Frank made some distinctions between large and small banks, small banks are still subject to many regulations that were written for the larger financial institutions," she said.
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