The easement in oversight, combined with recent community bank failures, presents a timely opportunity for independent agents to provide expert risk management services and guidance to their clients in the banking sector. Independent agents can offer invaluable counsel to help protect banks from both the inherent and residual risks they face. (Photo: Shutterstock)

The financial crisis of 2008 shook the financial institutions sector. Confidence in the market and institutions plummeted. In the years that followed, the sector underwent an evolution, working to rebuild trust in the once failing system with new regulations.

New guardrails were implemented, and new government agencies were established through the Dodd-Frank Act. Some of Dodd-Frank’s key requirements have been loosened in recent years, now allowing small and midsize banks to escape some of the more rigorous rules. Capital requirements were reduced, liquidity rules were weakened, and supervisory oversight of community banks was relaxed with the signing of the Economic Growth, Regulatory Relief, and Consumer Protection Act in 2018.

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