Does Dodd-Frank Compliance take more than 10 million man hours a year?

cfpb logo posted on

CNSNews reports on a story worth fact checking. They allege that it takes businesses 10.2 million man hours a year by to comply with Dodd-Frank Regulations. They compared this with the 5.5 million man hours needed to manufacture “every iPhone out there.” The regulatory burden is costing Americans jobs and reducing productivity, while among the many hired for the new Consumer Finance Protection Bureau (CFPB), they assert that 228 government financial regulator positions are paying more than $225,000 a year.  One modest regional manufactured housing lender told MHProNews that compliance costs for their firm was about $500,000 a year.

(Graphic Credit: CFPB Logo)


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