Maryland Reporter on what an Eastern Shore banker told a forum arranged by the state’s tax authorities:
The CEO of Easton Bank and Trust, Mike Menzies, said the new standardized approach in how the banks count assets along with state regulation policies have a distinct impact on the loans they can lend to small businesses….
Menzies said that regulations associated with the federal Credit Card Card Act, the Fair and Accurate Credit Transactions Act and Dodd-Frank Act have have placed large burdens on banks, forcing them to devote more human resources toward regulatory compliance than is necessary.
“I would say that seven years ago, I would spend 20 to 25% of my time as CEO of a small company dealing with regulatory issues,” said Menzies. “I spend no less than 50 or 60 percent of my time today dealing with regulatory issues. It’s unbelievable.”