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Michigan’s Financial Regulation: A Growing Concern for Manufacturers
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In a state like Michigan where manufacturing is the primary industry, financial regulation plays a crucial role in ensuring stability and growth. However, recent data from the Mercatus Center suggests that regulatory restrictions have been increasing steadily over the years.
Regulatory Restrictions on the Rise
According to the center, regulations grew by 1.4% annually from 1997 to 2010, with an additional 9.8% increase after the passage of the Dodd-Frank Act in 2010. This trend may pose challenges for Michigan’s manufacturing sector, which relies heavily on credit and financial institutions.
Banking Data
Michigan has a robust banking system, with over 180 commercial banks operating across the state. In 2016, these banks had total deposits of $213.28 billion. According to data from the Federal Deposit Insurance Corporation (FDIC), Michigan’s banking system is slightly smaller than neighboring states like Ohio and Indiana.
Changes in Institutions
In 2015, Michigan saw a net decrease of 14 financial institutions, with no new charters opening and 12 institutions closing or converting. This trend may be attributed to the increasing regulatory burden on financial institutions.
Financial Crimes
Financial crimes are also a growing concern in Michigan, with 61,924 reported cases in 2015 alone. According to data from the Financial Crimes Enforcement Network (FINCEN), this number has been steadily increasing over the years.
Recent Legislation and News
The Michigan state legislature has introduced several finance policy bills recently, aimed at addressing issues related to financial regulation. Some notable legislation includes bills on consumer protection, financial institution oversight, and cybersecurity.
Financial Regulation in Other States
Michigan is not alone in its concerns about financial regulation. Many states across the country are grappling with similar issues. To learn more about financial regulation in other states, click here.