Ashley Elmore Drew Featured in Tampa Bay Business Journal on the Potential Impact of the Election on Banking Regulations

Firm News

Community banks, more than any other group, are expected to see a decrease in regulatory oversight once President-elect Donald Trump takes office.

Less oversight will result in more capital for the smaller financial institutions in the Tampa Bay area, and would lead to more lending to local businesses, said Ashley Elmore Drew, an attorney at Burr & Forman in Tampa who specializes in regulatory compliance and financial services litigation.

Since the 2010 passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act - enacted in the wake of the financial crisis and designed to provide financial stability for the economy while also offering consumer protections - most bankers have said the demands on them to comply with hundreds of new regulations are onerous. Many bankers in the Tampa Bay area have hired one or more full-time workers just to deal with increased compliance requirements, and have paid for additional consultants and attorneys to help manage the requirements.

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