The banking industry dedicates hundreds of millions of dollars annually to cyber-security, but is unfairly paying for retailer data breaches, said Gov. Frank Keating, President of the American Bankers Association. Keating also said regulations coming out of Washington have made it more difficult for people to qualify for mortgages, which is holding back the housing recovery. He said that Dodd-Frank has had a negative impact on lending and is harming America’s ability to compete internationally in finance. Finally, Keating said community banks are disappearing due to increased red tape with 1,500 community banks lost in the last decade.
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