By Tim Kowols
President-elect Donald Trump’s plan to dismantle some of the financial reforms made in 2008 could be good news for community banks. According to CNNMoney.com, low-interest rates, extra compliance costs, and additional regulations have made it hard for smaller banks to be profitable and to make loan decision. Bank of Luxemburg President and CEO John Slatky says they know they have to be prudent with their loans because of the effect it could have on the community. Loosening some regulation could help them serve their customers better.
Slatky says the biggest challenge his bank faces now under current rules is lending to farmers with projected incomes that swing in either direction every year.