Page 4 - Banking Industry analysis (H)
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benefited from ‘lighter touch’ government intervention.
However, post 2008 government eased on competitive
rules allowing banks to merge. Both periods witnessed
industry consolidation.
However, by 2017 the U.S. President, Donald Trump was
promising to roll-back the 2010 Dodd-Frank Act that had
reshaped U.S. banking. Since 2011 the number of rule
changes had increased dramatically, almost tripling to
200 revisions per day.
Banks since 2008 have cumulatively paid fines in excess
of $321 billion (2016) and is still on track to rise further.
