Straw in the wind:
Christine Gaffney of the Minneapolis Fed recently issued a brief statement, “What Does Regulatory Reform Really Mean?”
While it’s heavily couched and caveated — “some say it goes too far; some say it does not go far enough,” etc. — Gaffney (she is a regulator, after all) clearly grasps the spirit of the Crapo Act, writing that an animating goal is:
“Providing regulatory burden relief for depository institutions and small depository institution holding companies.”
Her article is also a clear indication that some at the Fed are beginning to understand the need to act to reverse the 20-year decline in community banks, a decline that accelerated under the reverse-of-intended consequences of Dodd-Frank.