“One last call for alcohol so finish your whiskey or beer; closing time, you don’t have to go home but you cant — stay — here.”
– Lyric from “Closing Time” by Semisonic
There was a time, pre-Dodd-Frank and pre-Durbin, when banking made sense. When it was here as a service to consumers, to small business types. When it was left to the people closest to the relationship to determine the decision.
Not. Any. More.
Regulations, CYA requirements (and yes, “CYA” stands for exactly what you think it does!), too much oversight and not enough insight has made “closing time,” a complete buzz kill for everyone. The banker. The borrower. The regulator. The service provider.
There was a time, pre-Dodd-Frank, when it all worked.
Not. Any. More.
It’s enough to drive you to drink. But you can’t — close — here. At least not when you thought you could.
Leave a Reply