Govt regulation got us into this mess anyways. Dem's in congress are now threatening to break up Wells Fargo and other large banks because they are too big to manage. These same people created Dodd-Frank(which Big Girl loves), in order to get rid of banks that were "to big to fail."
Since Dodd-Frank became law in 2010
- on average 1 community bank or credit union shut down each day
- there are 1,524 fewer banks with asset under $1 billion today than in June 2010 which is a decrease of more than 20%
- As of November of 2015 the 4 biggest banks are 30% larger than they were when Dodd-Frank passed(Chase, BOA, Citibank, & Wells)
- The 4 big banks now control 50% of all deposits
- Prior to D-F, 75% of banks offered free checking, just 2 years later only 39% did and it's even less now
- D-F regulation fueled a 21% surge in checking fees from 2010-2012
Dodd- Frank regulation had the totally opposite affect than was intended. Increased regulation and compliance pushed the small banks out of business while the big banks got bigger. It also increased fees that hurt the low income people the most. The Govt needs to get out of private business and let the free market work. Hippy can probably give his thoughts on Dodd-Frank,the CFPB, and what a cluster they have been.