Bank'd4
Why do bankers allow regulators to control what they do and not the other way around?
Brad G. asked 3 months ago
We discussed it this weekend at BarcampbankDallas but why are so many bankers afraid of the regulators? The regulators just want to ensure that their liabilities are protected and that they’re not getting screwed. Why do bankers only do things to satisfy them and not focus on their customers/members?
Tim M.
Good question. As I dig deeper into the US market, this question has occurred to me on a number of occasions. From my perspective, CUs in Canada seem to just try stuff and deal with ramifications later.
However, it is more open here and there is only one main regulatory body. FICOM handles both banks and credit unions and there is only one Financial Institutions Act that governs all FIs. This seems to make things a lot simpler.
I may be oversimplifying, but I believe there are so many hands and bodies (and feet) that have a stake to protect in the US, that it is overcomplicated by design.