So note various experts in this story by Stephen Gandel for Fortune, who concludes:
Mortgage rates are about one percentage point higher than they would be if we had more competition. Apply that to all mortgages, and that higher interest rate costs consumers about $100 billion a year in extra interest. Not to mention all those who can't actually get refinanced. I'd say that's pretty good evidence that we should figure out a way to keep small banks around.
The bottom line: Dodd-Frank will not go away because Obama is not going away, so up to as many as 6300 banks may go away, destroying what's left of free market competition in banking. The people are already the losers, and stand to lose even more.
Since the beginning of 2008, 460 banks have failed.
