The House Financial Services Committee held two hearings to learn about the effects of implementing the Dodd-Frank financial oversight law.
The morning session examined how the consequences of the Dodd-Frank Act are felt far from Wall Street by looking at the law’s impact on families, communities and small businesses. Witnesses from credit unions and small banks testified.
In the afternoon panel, Raj Date, deputy director of the Consumer Financial Protection Bureau (CFPB), testified about the law's effect on consumer choice and access to credit.
He acknowledged the concerns of small banks with regard to overburden regulations and compliance costs and emphasized the importance of their feedback during the bureau’s rulemaking process. Date added that it is not the CFPB’s intent to make their operations harder.
Rep. Neugebauer, in a release announcing the hearing, said "Private companies will have to spend more than 24 million work hours every year to comply with just the first 224 new rules resulting from the passage of Dodd-Frank. Its red tape reaches deep into the wallets and pocketbooks of millions of Americans and small businesses that had nothing to do with the financial crisis.”