Dodd-Frank Is NOT "Anti-Bank"

There's lots of punditry floating around which characterizes Dodd-Frank as 'anti-bank' because it spawned the Consumer Financial Protection Bureau (CFPB).

Not the case, folks.  Chris Dodd--who was the other slice of white bread in the "waitress sandwich" of Ted Kennedy fame--was known as "the Senator from Banking."  That didn't change.

Dodd-Frank protects the banks which are Too Big to Fail.  That is, those banks which were Friends of Dodd and could write really big checks for campaigns and lobbying and suchlike.  Dodd-Frank is against the small-town, local, family-held or privately-held banks.  Those entities cannot keep up with the regulatory and paperwork burdens created by CFPB.

That's fine with the 4 or 5 remaining big banks, which will simply get bigger as they eat the corpses of the small ones.

And if you're familiar with what passes for "customer service" at Chase, you will be angry.

Anyhow, don't mistake Dodd-Frank for "unfriendly to banks."  It's unfriendly, alright--but to flyover country normals.