Texas community banks already pay a lot to comply with regulations.
They add staff members, pay fees, hire outside advisers and more ? but rules born out of Dodd-Frank have yet to be fully written, and Texas lawyers say banks are dreading the unknown.
That?s because regulations crafted for financial giants have slowly trickled down through the years to community banks with assets below $10 billion ? remember the Sarbanes-Oxley Act of 2002? That easily became law of the land in several industries.
?If you?re talking about what keeps bankers up at night, (Dodd-Frank is) probably near the top of the list ? of what aspects of Dodd-Frank are going to trickle down and become part of their daily lives,? said William Leudke, a partner at the Houston office of law firm Bracewell & Giuliani LLP? . ?The local banks, their beef is they didn?t cause (the financial crisis) but they get painted with the same fat brush as the big boys.?
The Consumer Financial Protection Bureau and its vast powers ? of unknown scope ? is the most intimidating aspect of the new law, lawyers say. Not because the CFPB has jurisdiction over smaller banks ?? it doesn?t, but other federal agencies may take their lead from the CFPB, lawyers say.
Want to learn more? Check out the story in our Chambers and Partners special issue here. The top banking law firms in Texas, as rated by the Chambers and Partners research organization, are featured in the slideshow above and to the right. To search the entire Chambers and Partners list of top law firms in Texas, use the fields below.
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