Zywicki Discusses Dodd-Frank Effects on Banking
Professor Todd Zywicki discusses some of the unintended side effects on banking consumers can expect from the Dodd-Frank bill in a NEXTcast interview on PYMNTS.com.
Citing a direct correlation between Bank of America's recent announcement that it will cut 30,000 jobs and the financial overhaul bill, Zywicki predicts a "pummeling of consumer banking opportunities." Calling Dodd-Frank the final regulatory nail in the coffin, Zywicki says its effects will be to increase the cost of banking while decreasing revenues, thereby creating an environment in which many consumers will drop out of the traditional banking system and shrinkage of the banking industry will occur. Zywicki predicts branch closures and damage to the commercial real estate industry as a result, which an impact he calls "far-reaching and dramatic."
Will You Lose Your Job to Dodd-Frank? PYMNTS.com, September 20, 2011.