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Old 12-20-2017, 11:25 AM
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Default Dodd-Frank, Isn't it about Banking??? NOPE

Does anyone know much about the Dodd-Frank act? Since it's passing all I've ever heard is how it killed the small local banks and made the "too big to fail " banks essentially monopolies in the banking industry. It added reams of paperwork to home mortgages and business lending such that many banks reduced such services in their portfolio. Thus making it harder for small people, and small companies to borrow.
It also , arguably, had a negative effect on economic recovery after the "Great Recession" we endured for8 long years under President Obama.

Would that is all it did. Here's a part of which few have ever heard. the last ten pages of this 848 page banking regulation legislation deals with "Conflict Minerals"

WTF are "Conflict Minerals?" you might ask.

Well I just received a survey request from one of my clients and it is a whopper. Apparently, I am required to prove my supply chain uses no Minerals, or materials, from industries in certain African nations under "conflict."

What?????

Here's a link;

https://www.brookings.edu/opinions/c...odd-frank-act/


I am not spending time and treasure to review this. The client in question does less than $5K gross a year in my shop. Besides, Dodd-Frank is slated for a sledgehammer review, if not repeal, of many of it's regulations by the Trump Administration. I'll wait and see what develops there.

Just one more of many proglamated regulations created by Bureaucrats that are supposedly aimed at making society better but actually just choke the life out of the engines that make our economy, and the very same society, work.
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Old 12-20-2017, 12:17 PM
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Default Re: Dodd-Frank, Isn't it about Banking??? NOPE

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Originally Posted by FrancSevin View Post
Does anyone know much about the Dodd-Frank act? Since it's passing all I've ever heard is how it killed the small local banks and made the "too big to fail " banks essentially monopolies in the banking industry. It added reams of paperwork to home mortgages and business lending such that many banks reduced such services in their portfolio. Thus making it harder for small people, and small companies to borrow.
It also , arguably, had a negative effect on economic recovery after the "Great Recession" we endured for8 long years under President Obama.

Would that is all it did. Here's a part of which few have ever heard. the last ten pages of this 848 page banking regulation legislation deals with "Conflict Minerals"

WTF are "Conflict Minerals?" you might ask.

Well I just received a survey request from one of my clients and it is a whopper. Apparently, I am required to prove my supply chain uses no Minerals, or materials, from industries in certain African nations under "conflict."

What?????

Here's a link;

https://www.brookings.edu/opinions/c...odd-frank-act/


I am not spending time and treasure to review this. The client in question does less than $5K gross a year in my shop. Besides, Dodd-Frank is slated for a sledgehammer review, if not repeal, of many of it's regulations by the Trump Administration. I'll wait and see what develops there.

Just one more of many proglamated regulations created by Bureaucrats that are supposedly aimed at making society better but actually just choke the life out of the engines that make our economy, and the very same society, work.
Happens in every business. When I started appraising, the goal of of the 2 page form was to estimate the home's value. Foreclosure rate under .5%. When I finally threw in the towel, 22 pages, and the goal was to be sure all boxes were correctly checked. During the crisis the foreclosure rate ran as high as 5% or more in some areas.
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Old 12-20-2017, 02:40 PM
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Default Re: Dodd-Frank, Isn't it about Banking??? NOPE

Quote:
Originally Posted by FrancSevin View Post
Does anyone know much about the Dodd-Frank act? Since it's passing all I've ever heard is how it killed the small local banks and made the "too big to fail " banks essentially monopolies in the banking industry. It added reams of paperwork to home mortgages and business lending such that many banks reduced such services in their portfolio. Thus making it harder for small people, and small companies to borrow.
It also , arguably, had a negative effect on economic recovery after the "Great Recession" we endured for8 long years under President Obama.

Would that is all it did. Here's a part of which few have ever heard. the last ten pages of this 848 page banking regulation legislation deals with "Conflict Minerals"

WTF are "Conflict Minerals?" you might ask.

Well I just received a survey request from one of my clients and it is a whopper. Apparently, I am required to prove my supply chain uses no Minerals, or materials, from industries in certain African nations under "conflict."

What?????

Here's a link;

https://www.brookings.edu/opinions/c...odd-frank-act/


I am not spending time and treasure to review this. The client in question does less than $5K gross a year in my shop. Besides, Dodd-Frank is slated for a sledgehammer review, if not repeal, of many of it's regulations by the Trump Administration. I'll wait and see what develops there.

Just one more of many proglamated regulations created by Bureaucrats that are supposedly aimed at making society better but actually just choke the life out of the engines that make our economy, and the very same society, work.
Conflict minerals is the PC term for diamonds mined out of places like Seirra Leone (sp) . The physical stones or something that was manufacture from the profits there of.

Sorry quick answer. 19 ways to document the sources of your materials so the government knows you are not doing trade with bad places.
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Old 12-20-2017, 02:55 PM
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Default Re: Dodd-Frank, Isn't it about Banking??? NOPE

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Originally Posted by GottaGo View Post
Conflict minerals is the PC term for diamonds mined out of places like Seirra Leone (sp) . The physical stones or something that was manufacture from the profits there of.

Sorry quick answer. 19 ways to document the sources of your materials so the government knows you are not doing trade with bad places.
Explain how simple it is to comply is a big government answer to the question, Why do I have to spend time and resources on this crap?

The number of regulations is the issue. As JIMBO pointed out, he became involved in filling out the forms correctly, not doing his job as it was intended.


But, the other question has noting to do with conflict minerals or their regulation but why was it attached to a banking regulatory law?

My wife does the books and all the regulation requirement for our small business. It fills her work week such that she has little to time to participate in the work we actually perform for our clients.
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Old 12-20-2017, 03:54 PM
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Default Re: Dodd-Frank, Isn't it about Banking??? NOPE

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Originally Posted by FrancSevin View Post
Explain how simple it is to comply is a big government answer to the question, Why do I have to spend time and resources on this crap?

The number of regulations is the issue. As JIMBO pointed out, he became involved in filling out the forms correctly, not doing his job as it was intended.

But, the other question has noting to do with conflict minerals or their regulation but why was it attached to a banking regulatory law?

My wife does the books and all the regulation requirement for our small business. It fills her work week such that she has little to time to participate in the work we actually perform for our clients.
No argument from me, government regs up the whazoo from all aspects, 5 employment surveys/reports required, same data, just formatted differently.

Guess they want to make sure it's as difficult as possible to run a business, albeit a small one.

I can understand wanting to make sure monetary support is not going to areas such as Sierra Leone, but fer crying out loud, how far down the food chain does one have to verify?
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Old 12-20-2017, 04:53 PM
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Default Re: Dodd-Frank, Isn't it about Banking??? NOPE

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Originally Posted by GottaGo View Post
No argument from me, government regs up the whazoo from all aspects, 5 employment surveys/reports required, same data, just formatted differently.

Guess they want to make sure it's as difficult as possible to run a business, albeit a small one.

I can understand wanting to make sure monetary support is not going to areas such as Sierra Leone, but fer crying out loud, how far down the food chain does one have to verify?
How far down? I don't know. Gave this to the CFO (that's the wife) who's first comment was , "this company still owes us on a March 2017 contract. We don't need to do anything here.
So I guess we will never know how far down wee would have to go unless Disney calls again.
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