Changes Throughout The Banking Industry Essay

705 Words Nov 13th, 2016 3 Pages
The changes occurring in the Banking Industry
Senator Marco Rubio made the following statement that was published in an Article in American Banker, written by Finkle, "We need to repeal and replace Dodd-Frank. We need to make America fair again for all businesses, but especially those being run by small business owners (Finkle, 2015)”. It is a dog eat dog industry. Regulators and regulations need to conform to changing times. With the Dodd-Frank Reform and Consumer Protection Act in place, it places major regulations on the financial industry. The Dodd-Frank is strangling small banks. The big banks see most of the advantages from this act. Jeb Hensarling stated in an article from The Wall Street Journal, Since Dodd-Frank, 75% of banks offered free checking. Two years after it passed, only 39% did so—a trend various scholars have attributed to Dodd-Frank’s, which imposed price controls on the fee paid by retailers when consumers use a debit card. (Hensarling, J. 2015. Para. 6). After years of suffering, the banking industry is at last showing signs of economic recuperation. The banking industry has suffered immensely in the past couple years with new regulations and the changing makeup of the consumer banking fees and commissions which make it harder for the smaller companies to exist.
The principal ingredient that may provide a growth in the industry is the refinement in providing the best possible customer service. Human interaction is the most significant fact in…

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