Bankers are Dancing in the Streets

I’m with you—there’s many areas where there is over-regulation, unnecessary regulation, indeed bad regulation. Banks and financial institutions, in my opinion and based on my experience as a business trial lawyer, is not one of those instances.

 

If you owned 4 sub shops at the same time you werent really a small business owner, especially if you had 50 employees or more working for you

 

As far as federal level banking/lending regulations that impact me, compliance basically entails watching maybe 2-3 hours of instructional videos a year , and answering questions on a quiz you cant fail. That's it.

 

Who still uses drive thru’s?

 

If you are still dealing in checks and cash for a business and don't need to do anything complicated it can be pretty convenient

 

People that clip their iphone on their belt and wear New Balance sneakers.

 

Checks are scanned in any more. If you're dealing in cash, chances are you aren't depositing it.

 

In person banking with physical branches are going away. I deposit the few checks I get by taking a picture. I get cash from an atm occasionally. If I need a big amount of money my personal banker brings it to me.

 

Sounds like regulations must not have hurt you much then.

 

Will banks be dancing when Trump caps credit card rates at 10%?

 

He could have cleared 2 million though if employees werent required to wash their hands before returning to work

 

There is no way that works itself through our government unless suddenly interest rates dropped to 1%.

 

Probably not, but they will probably just roll out Amscot clones in response and get into the loansharking business

 

Follow up question…who uses checks and cash?

 

I haven’t used an ATM since Covid. Mainly because I forgot my PIN and too lazy to get a new one. I just get cashback at the grocery store if needed

 

Old people and people that work service sector jobs that want to pay their bills in cash

 

Is he going to do that right before, or right after he gets Mexico to pay for that wall?

 

I do. For just about all of the daily expense.

 

each sub shop was a separate Sub S Corp- and yes I was affected by some of the regulations- If I wanted to offer health insurance for my managers because under the obama administration HHS I could not just offer it to my managers- I then had to offer it to all my employees which was cost prohibitive.