WINNERSLOSERSCustomers of small banks12 of 19Banks with under $10 billion in assets won't be subject to the scrutiny of the Consumer Financial Protection Bureau. That means small-bank customers won't have the same protections under the bureau when taking out loans or making other financial transactions as customers of larger banks. Baker, from the Center for Economic Policy Research, says that some small banks exhibited many of the same behaviors that got bigger banks in trouble and exempting them from the consumer protection bureau's scrutiny is a loss for consumers.« Back to Financial Regulation. Related Articles:Fed's monetary policy toolboxHelp for mortgage borrowers?Financial meltdown: Credit cardsHow safe is your bank?Related Links:Types of banking institutionsSafe places for cashHow the economy affects youCommon mistakes in a bad economy advertisement
Banks with under $10 billion in assets won't be subject to the scrutiny of the Consumer Financial Protection Bureau. That means small-bank customers won't have the same protections under the bureau when taking out loans or making other financial transactions as customers of larger banks. Baker, from the Center for Economic Policy Research, says that some small banks exhibited many of the same behaviors that got bigger banks in trouble and exempting them from the consumer protection bureau's scrutiny is a loss for consumers.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.