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The National Association of Women in Real Estate Businesses (NAWRB) would like to know presidential candidates’ plans regarding the oversight of community and local banks if they are elected.
Compliance and regulations have enforced disproportionate strain and costs on small banks in recent years. There are currently 6,000 community banks, down from 8,000 in 1995. Furthermore, compliance expenses comprise 8.7 percent of non-interest costs for banks with under $100 million in assets, according to recent research from the Federal Reserve Bank of St. Louis.
The Small Business Administration (SBA) reveals that there are 30 million small businesses in the U.S., most of which are stretched extremely thin. Eighty percent of these businesses have no employees and the case is even worse for women-owned businesses, 91 percent of which employ no one other than the owner.
The California Department of Business Oversight (DBO) is in charge of protecting consumers like small businesses and overseeing financial service providers and products. The DBO oversees approximately 341,000 licenses in California and, as of June 30, 2016, they oversee 137 commercial banks and three industrial banks.
According to the 2016-17 Governor’s Budget, the DBO is authorized 142 positions to oversee commercial and industrial banks.
Small businesses are at stake and are the backbone of our economy. There is extensive oversight for federally chartered banks. What are the candidates’ plans regarding the oversight of community and local banks?
ABOUT NAWRB
The National Association of Women in Real Estate Businesses (NAWRB) is a leading voice for women in the housing ecosystem. With the assistance of our Women’s Global Resource Center (NWGRC), NAWRB is advocating to increase the opportunities for women’s employment, raising the utilization of women-owned businesses, and providing women the tools and opportunities for economic expansion and growth. By increasing women’s homeownership, we can leverage the entrepreneurial strength of women and help bring the awareness of women’s poverty.