The Dodd-Frank Act rollback law signed by President Donald Trump six months ago hasn’t met its early promise for the nation’s smallest banks.
Rules to implement simplified capital requirements and reduced financial reporting for banks with assets below $10 billion have fallen short of the industry’s expectations when the bank deregulation law was enacted in May.
“When we saw the legislation pass, we were so thrilled,” Tim Zimmerman, who runs Standard Bank in Monroeville, Pa. and is chairman of the Independent Community Bankers of America, told Bloomberg Law. “We want real change. Everybody’s disappointed.”
The Federal Deposit Insurance...