[edmccard]

>Every time they write a loan they are forced to provide the customer with a 200-page "book" of all the compliance and regulation surrounding that loan.

This must vary by state; I recently took out a small loan from my local bank in Pennsylvania and the information I went home with came out to about 15 pages.

>When you're dealing with huge amounts of yellow tape and you have millions of customers

I thought the conventional wisdom was that onerous regulation actually favored huge businesses with "millions of customers" -- for example, the effort of having to "print that, audit it, have lawyers look it over, maintain it" is a fixed cost so the cost per customer is smaller for larger banks.

[013a]

That is absolutely true. My meaning is that the big banks are the only banks that have survived all the regulation, and the only reason they can survive is because they're increasingly centralizing all of their operations and shitting on average customers who earn them essentially no money.