Montana’s Rural Banks Are Suffocating
“Dodd-Frank has suffocated Montana’s rural banks and credit unions and ultimately, the Montana customers who use these banks and credit unions have been hit the hardest. I wasn’t here in 2010 when this bill was passed – but I’m really happy to be here now to help undo some of the damage caused to our rural communities,” said Senator Steve Daines.
Since Dodd-Frank passed, the number of state-chartered banks in Montana has fallen from 64 to 44, over a 31 percent decline.The reason is largely due to consolidation as small community banks have not been able to keep pace with the demands of the Obama Administration’s regulations. The number of federally insured credit unions in Montana has dropped from 57 to 51, over a 10 percent decline.