President Trump used a White House meeting with community bank leaders to repeat his commitment to rolling back some of the Dodd-Frank Act’s regulations.
According to a Reuters report
, community bank executives representing the American Bankers Association and the Independent Community Bankers of America met with the president, Treasury Secretary Steve Mnuchin and National Economic Council Director Gary Cohn to discuss the impact of financial regulation on smaller financial institutions. The meeting also covered the impact of compliance costs imposed by Consumer Financial Protection Bureau (CFPB) rules and guidelines.'
“Nearly half of all private-sector workers are employed by small businesses,” said President Trump during the meeting. “We must ensure access to capital to small businesses and for small businesses to grow. Community banks are the backbone of small business in America.”