I didn't want to think you were right, but digging into this it seems to be the case. Dodd-Frank has apparently been a boon to big banks, and squashed competion [0].
"“Having a bank, it’s a sign of economic vitality,” he says. And it’s not just North Carolina. He notes the country has about 40 percent fewer banks today than when the Dodd-Frank Wall Street Reform Act, passed in response to the recession and implementing the most significant changes to financial regulations since the Great Depression, was signed in 2010.
Proponents of the measure said it would reduce the risk of another financial crisis by decreasing the concentration of resources in a handful of banks. Gwaltney says it’s done “the exact opposite.”
“The five or 10 largest banks in the country are larger than they were at the passage of Dodd-Frank,” he says."
"“Having a bank, it’s a sign of economic vitality,” he says. And it’s not just North Carolina. He notes the country has about 40 percent fewer banks today than when the Dodd-Frank Wall Street Reform Act, passed in response to the recession and implementing the most significant changes to financial regulations since the Great Depression, was signed in 2010.
Proponents of the measure said it would reduce the risk of another financial crisis by decreasing the concentration of resources in a handful of banks. Gwaltney says it’s done “the exact opposite.”
“The five or 10 largest banks in the country are larger than they were at the passage of Dodd-Frank,” he says."
[0] https://banksstreetpartners.com/news/what-happened-to-our-co...