High Cost of Dodd-Frank is Harming US Banks and Citizens

John Allen James – The Hill

“Fines and legal fees paid by financial institutions have risen dramatically in the past five years. Violations of regulations covering money laundering and sanctions have been extremely costly to banks, with penalties negatively impacting balance sheets and shareholders’ equity.

The Dodd-Frank Act has expanded the role and power of the federal government in corporate affairs and created a new and growing need for compliance risk management. The job of chief compliance officer, responsible for the implementation of internal and external governance policies and procedures, has grown from a clerical position to a new type of professional often reporting directly to the board and primarily responsible to the chief executive.”

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