The Federal Reserve Board is paying closer attention to community bank and credit union concerns over the invasive Dodd-Frank Act.
Panel chairman Howard Boyle recently applauded the panel created to garner feedback from credit unions and community banks about how new restrictions imposed by Dodd-Frank impact small businesses, consumers and local institutions, according to the Credit Union Times. Since the panel was established two years ago, Fed regulators have been setting up informal meetings with CEOs of credit unions and community banks across the country.
During the discussions, participants have touched on several topics, including consumer and small business banking products, investments, interest rates and regulatory restrictions, according to the news source.
"I think credit unions and community banks have learned a lot from one another and shared with the Fed staff what's really happening in Main Street when it comes to Dodd-Frank, for example," Boyle, CEO of an Ohio bank, told the CU Times. "The discussions are always candid and sometimes passionate and I do think there is a respect for the individual charters that are represented."
The panel is designed to not only inform the Fed's decision-making in regards to Dodd-Frank, but also analyze market data that impacts credit unions' and banks' bottom lines.