QUINCY -- Part of the Dodd-Frank banking regulations was rolled back last month, and several local bankers said the changes will offer relief for small banks.
Joe Thomas, CEO and chairman of the board at Homebank, hopes that easing some regulations will slow the trend of smaller banks merging or getting bought out by big banks. Thomas said new regulations came at a rapid pace under the Obama administration.
"It was continuous. Every agency was on the aggressive side of promoting enhanced regulations. It was moving to a point where it was only going to be big banks," Thomas said.
The law, signed by President Donald Trump on May 24, raises the threshold at which banks are deemed so big and plugged into the financial grid that if one were to fail it would cause major havoc. Those banks are subject to stricter capital and planning requirements.
The reforms are aimed at helping small and medium-sized banks, including community banks and credit unions, that were hurt when Dodd-Frank was enacted in 2010 and some regulations made all banks operate under the rules of the big banks.