Bolton: Wells Fargo penalty reflects too-big-to-fail plague

The Consumer Financial Protection Bureau’s latest penalty against Wells Fargo Bank reflects the unfortunate fact that the too-big-to-fail problem is alive and well, ICBA Chairman Brad Bolton wrote in an op-ed on LinkedIn.

Regulatory Impact: The president and CEO of Community Spirit Bank in Red Bay, Ala., wrote that every offense by the nation’s Wall Street firms contributes to the outsized regulatory burden facing the nation’s Main Street community banks.

Taking Action: “Policymakers should continue working to rein in too-big-to-fail financial institutions—and megabank customers should look into their local community banks as a superior banking alternative,” Bolton wrote.

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