Banks paid $321 bln in fines since financial crisis – BCG

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By Vishaka George

<span class="articleLocation”>Banks across the world have paid about $321
billion in fines since the 2007-2008 financial crisis as
regulators stepped up scrutiny, according to a note by the
Boston Consulting Group.

Almost ten years since the financial crisis, the banking
industry has not completely recovered, BCG said in an industry
report.

North American banks accounted for nearly 63 percent of the
total fines, or about $204 billion, during 2009-2016, the
consultancy firm said.

While U.S. regulators have been more effective in imposing
penalties and recovering fines from the banks, their
counterparts in Europe and Asia are likely to step up pace,
according to the BCG report.

The number of individual regulatory changes that banks must
track on a global scale has more than tripled since 2011, to an
average of 200 revisions per day, the report said.

Even though U.S. President Donald Trump has ordered reviews
for possible regulatory changes and legislations modifying the
Dodd-Frank Act, the consulting group said regulatory impacts
would continue to cost banks a lot going forward.

Trump and other critics of the Dodd-Frank law say its
regulations have hindered lending.

In February, Trump ordered reviews of major banking rules
that were put in place after the 2008 financial crisis, in favor
of looser banking regulation.



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