All they are speaking in is generalities. That's all they hope to do when they do it. Are you naive enough to think that they won't get rid of any regulations, and 'just save money'' through consolidation of organizations. The savings from that would be so minimal that it's not even worth doing. They will get rid of the regulations they think hinder them. This is a self serving move. We can discuss this when they have done damage.
When have you known me to be naive. I’m not the one who:
- believed if we had more tests we could eliminate covid
- believe cloth masks were an effective measure to prevent the spread of Covid
- believed a vaccine which did little to nothing to prevent or even slow the spread of a disease should be required in order to earn a living
- believe the infusion of a trillion dollars into an economic system already deficient of goods and services wouldn’t have an inflationary effect
- believe inflation we were experiencing was transitory
- believe letting millions and millions of immigrants (including children) into the country without the necessary assets to house and track them was good policy.
Not saying you specifically were naive enough to buy into all the above BS but many on this board were.
I do believe consolidation would be beneficial to the industry. Many of the reports banks are required to file are redundant. This is especially onerous on smaller banks. There is zero reason for the requirement to complete what are basically the same disclosures for multiple regulatory agencies. We screaming about bank runs without knowing a single regulation which is sought to be eliminated. Are we talking about reducing redundant reporting requirements or are we talking about reducing capitalization and significantly changing the parameters of things like the stress test ? Until we know specifics like these it’s impossible to discuss the potential negative effects (if any). Yet…here we are speculating about runs on banks.
I obviously have a significant number of clients who are bankers. Most don’t want to lower the capitalization requirements. The all want less filings. Less duplicate reporting. Basically they prefer a more streamline reporting process to one agency.
Looking forward to seeing the actual proposal.
