Discover Fauquier February 2019
5
The Dodd-Frank Wall Street
R e f o r m a n d C o n s u m e r
Protection Act enacted in
2010 was a direct response
to the 2008 financial crisis but
unfortunately had an unintended
negative impact on the very
people it was designed to help.
Last year, Congress passed Senate Bill 2155, rollback legislation
that eliminated or significantly eased regulations and reporting
requirements on most U.S. banks. What does that mean for
the end user? The Fauquier Bank president and CEO Marc
Bogan explains.
Prior to the regulation reform legislation, banks had to adhere
to a process with strict rules to follow through on initiating a
mortgage. Not doing so meant banks could face litigation if
a mortgage fell through. These blanket procedures may have
worked in large lending institutions, but they hurt community
banks, sometimes preventing qualified buyers from getting a
mortgage as well as requiring banks to
commit significant manpower to ensure
regulation compliance.
"The community banking environment
was tough," Marc says. "But S.2155 has
allowed us to provide product and service
delivery that is more customer-friendly." In
simple terms, it lets community banks carry
out their mission of working directly with
customers and helping them achieve their
financial goals in good times and bad. "We work in a regulated
environment, and we accept that," Marc adds. "There should be
standards on what we can and can't do, but they should include
common-sense rules."
The recent government shutdown was a perfect example.
"Community banks are sensitive to the effects of shutdowns," Marc
notes. "We encouraged our customers who were affected by it
to reach out and talk to us. We always try to help by customizing
solutions that meet their needs."
The Fauquier Bank offers comprehensive financial services
(internet banking, insurance, wealth management, financial
planning) for commercial and retail customers. It reported $6.1
million in earnings in 2018--a record for the 117-year-old institution.
To learn more, call
(800) 638-3798.
The Fauquier Bank
Reaps Regulation
Reform Rewards
~ Nancy Griffin-Bonnaire
Marc Bogan, The Fauquier Bank
president and CEO
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