Miami-based Apollo Bank, in its current incarnation, has largely existed in a post-financial crisis world. Which means it’s been operating under the Dodd-Frank Act for most of its existence.
And, like those at many community banks, Apollo Bank executives say that the regulation - while well-intended - is excessive and far from effective. The good news for those pushing for loosened financial controls is that President Donald Trump seems to have put Dodd-Frank and other aspects of financial regulation on the chopping block.
For South Florida, where a strong community bank culture helps bolster an economy largely supported by small and medium-size companies, watering down banking regulations could make it easier for businesses and consumers aiming to secure loans.
“We saw this with Dodd-Frank in ’09, when the Treasury under Timothy Geithner put out a white paper in May. This is a bit of déjà vu,” said Carl Fornaris, a shareholder in the corporate and securities practice in the Miami office of Greenberg Traurig. “In late May, early June, a white paper will come out and it will be the blueprint.”
Continue Reading (subscription required).