Death by regulation: One picture equals 1,000 mortgage rules

by MPA05 Mar 2015
In an effort to show how heavily regulated the financial industry is, SEC Commissioner Daniel Gallagher has created an overwhelming diagram to show all the new regulations that have been imposed on U.S. financial services firms since enactment of the Dodd-Frank Act in 2010.

"No regulator, as far as I know, has considered the overall regulatory burden on financial services firms when determining whether to impose additional costly regulations," Gallagher said. "We as regulators are, when it comes to the possibility that our rules are causing death by a thousand cuts, the proverbial ostrich—head firmly entrenched in the sand."

He added that he and his staff created the image to help the public fully grasp the breadth of recent rulemaking. "I hope this stark depiction can spark a much-needed debate about the regulatory burden that has been placed on our financial services industry in just the last 4.5 years alone."

"The stakes here are considerable: regulatory burdens divert capital away from the real economy—this acts as a barrier to entry for new market participants and further entrenches those institutions that are increasingly “too big to fail," he added.

Click on the image to view a bigger version.


  • by RobinHoodMortgages | 3/5/2015 11:15:33 AM

    Are the poor banks too heavily regulated? This guy has the gall to complain about regulations.....after these same banks were allowed to run wild and caused the global meltdown, left millions of Americans homeless, and lost trillions of dollars for investors and American taxpayers???

    What are the odds that SEC Commissioner Daniel Gallagher will soon be working for one of the 2 Big to Fail Banks that caused this whole mess in the first place? I for one, wouldn't be surprised!

  • by mortgageman | 3/5/2015 11:33:05 AM

    Hey robinhoodmortgages the banks gave the mortgages but do some research on who made them do it. Congress insisted that homeownership was a right and demanded that everyone should get a home. They used the community reinvestment act to slap lenders into providing crazy mortgages that anyone qualified for and look what we got. Thanks Chris Dodd and Barney Frank!

  • by mtmortgage | 3/5/2015 12:02:14 PM

    CRA slapped no income no job no asset mortgage products??? How about collateralized debt obligations on the banks, I suppose you think congress and their "crazy mortgages" for "anyone" (code for low-income) are responsible for those too.

    Maybe you should do some research


Should CFPB have more supervision over credit agencies?