vladimir putin, at the time, russia's prime minister, spearheaded a new customs union. it began in 2010 with three countries, russia, belarus, and is as act stan. -- kazakhstan. the agreement removes customs duties and various restrictions between members. the idea is to promote trade through free movement of goods. on the other hand, imports from countries outside the agreement are subject to weight limits and high tariffs. for kyrgyzstan, the agreement was like a massive wall blocking it off from the silk road. the dordoi bazaar is dependent on transit trade. if goods cannot move freely, that's a massive blow. the number of foreign merchants here has dropped to a quarter of what it once was. can the bazaar keep going? the mood has been gloomy. >> some have already had enough. they have closed up shop and left the bazaar. >> one person is especially concerned about the worsening economic climate here. the chair woman of the bazaar's trade union. >> she visits individual store owners to listen to their concerns. the union's newspaper has addressed some of the issues rais

-mexico border where he will meet with the union that represents u.s. customs and border patrol agents. he drew wide criticism when he called all illegal aliens -- immigrants criminals and rate this. -- rapists. nearly two dozen fires are burning out west and they are scorching thousands of acres forcing people to leave their homes. at lakeshore national park visitors were -- glacier national park, visitors were forced to evacuate. another fire has burned thousands of acres in napa california, forcing hundreds to evacuate. you can call it mission complete, the ladybird boring machine has completed the journey under d.c.. i know ray has is in southeast -- a net reyes. anette: the lady or machine -- bird is slowly emerging from the ground as we week. you are probably wondering, what is it and why should you care? it is all about cleaning up the pollution and that potomac and anacostia rivers. it is 100 feet underground, at least it used to be, and it has been cutting its way through creating a tunnel for the past two years. this is to avoid pouring sewag and -- i

trump will meet with the union representing u.s. customs and board patrol agents. his comments on some mexican immigrants has drawn fire from his rival g.o.p. presidential hopefuls. >>> a few days after donald trump made senator lindsey graham's private cell phone number he found a way to get his anger out. >> ♪ >> oh, my. >> a meat cleaver a blender video from ij review, south carolina republican shows various ways to destroy his old flip phone. graham, who is also running for president presumably will get a new number with his new phone. new that it is completely destroyed but nicely done. >> also, we have said destroy. >> i necessity. >> case of the mondays. >> rough situation everybody having your cell even if number. >> i was surprised he still had a flip phone. >> it could be a old school phone. >> yes. >> before you walk out the door we will update top stories including latest on a violent night the in the city. >> i was than the thinking it was dumbest most brave thing i have ever done. >> the dumbest bravest thing she has ever done, wow woman risks her lif

stephen: the european union says mastercard is overcharging customers.ntitrust complaints have been put against the card company saying they are sufficiently raising the charges. mastercard can now respond to those accusations. if they are upheld, the could be fined up to 10% of the annual turnover. another 4.5 million cars around the world are being recalled for faulty airbags made by takata. it is thus be responsible for over eight debts that for at least -- for at least eight deaths. i was preparing his biggest -- apple is preparing his biggest batch of iphones, 90 million by the end of 2015. apple boasts upgrades to its newest model touchscreen technology. genie: thank you so much for that look at the business news today. time now to take a look at the press review. we take a look at the weekly magazines. lots of focus on the greek debt crisis. >> one of the major stories in most of the magazines. let us start with the french magazine. never without greece. you see a photo of a greek statue turning its back on the readers. seven years after the fall

. >> on the money beat, master card accused of overcharging customers in europe. the european union wants to file an anti trust claim against the credit card processor saying they may force retailers to pay artificially inflated fees to process transactions. the e.u. is also investigating visa. >> a midwestern town faces a string of unsolved deaths. why families say the victims' troubled pasts are delaying the investigation. >> a ticker tape parade will go held in new york city for the women's soccer team. the world cup champs will go down broad day. they are the first women's team to be honored with the iconic new york city parade. >> hundreds of native americans are in washington d.c. attending the first white house tribal youth conference. the obama administration put a focus on improving the lives of young native americans. the community is not waiting for the government's help. we have this report. >> in this isolated fishing town at tip of the continental u.s., the school is a source of pride. >> after i graduated i volunteered here and i read with older students that couldn't

we reached a deal with the new york civil liberties union years ago, which will certainly be consistent in protecting uber's customersily: i want to bring in john doherty from san francisco who represents uber and lyft. what can you tell us about the later from uber's side and the latest developments? john: i want to start off by uploading the mayor for the decision to hold off on pushing a vote on caps. we think that sort of approach is backwards. these services are growing, and they are growing quickly in places like new york city. they are providing consumers options to better transportation that are safe reliable, on time. actually we believe it will do things like reduce congestion improve environmental impacts, and get more cars off the road in the long-term. emily: we just got a statement in from city hall. david: a council speaker saying the council not voting on the legislation tomorrow. the bill will be tabled. uber provided this trip data. tabling this cap that is discussed, but going forward with the study. emily: we will continue to follow this. thank you so much all for joining us. now, to ready set fig

the international monetary fund that the european union minister think he will need, and a longer period of time over which greece will repay its customers, they haven't been sustainable because the accident can not be realistically be paid back within the time period foreseen by them. this of course is strongly owned by 800 number any and mr. schaeuble is going to have a different view than the greek one. the fact that greece needs a longer repayment period and of course mr. tsipras the prime minister here also wants to bring the $35 billion euro investment package but he does face fierce resistance from parts of parliament, golden dawn and within his own syriza party five or six mps of which strongly oppose doing this about-turn and going back to brussels with a preapproved austerity package the greek people are turned down by 61%. what we want to do is start the process of taking greece out of the eurozone, nationalize the banks and institute our own policy of rescuing the economy and alleviating humanitarian pain which has come about as a result of the recession which again, it believes has come about as a result of augmentation tair

unions are legal nationwide. >> they don't have to go out of state and marry. a lot of our customers were going to new york or massachusetts to get married so now they can do it here. >> woodruff: then, surviving the next big storm. the tale of two vulnerable cities and urgent efforts to

the european union has filed anti-trust charges against the big hollywood studios. they're accusing them of unfairly reinstructing customersss to content within the european union. hold on a sec. i consider myself a recovering european. they don't have anywhere near the innovation that we have here in the states they go out and punish success instead. am i right? >> you are right. what this is to do is like sky tv in the u.k. like comcast here. i go to spain, i'm a subscriber of sky, i can't because i'm out of the u.k. they call it geoblocking and regulators love to jump many over it. stuart: and they go after innovation of somebody else. >> this is' money in it you can tax it. stuart: one of these days i want to know what innovation they came up with in the last generation. ashley: long search. stuart: doctors at the top cancer hospitals have challenged the soaring price of cancer drugs. they are he a calling for regulation to control the prices. bristol-myers have drugs for melanoma, skin cancer, it's effective and one year of treatment $295,000? is that a valid number? 295? >> listen these companies spend billions r & d

customers to reduce their purchases of heavy equipment. reported second-quarter profits that benefited from unrealized gains in its portfolio. unionen on hollywood. it has issued an antitrust complaint against disney and other studios. that movieoncerned licensing deals restrict access. those are some of your top stories. the u.s. stock markets can't make it across the finish line. the s&p 500 got into record nine times this year and failed to hold it through the close. kelly, why does the s&p seem to be stuck on the final yard line? is an uninspiring market. earnings are projected to decline this quarter and the next quarter. the market is trading at its highest key in years. investors are saying, why should i buy? olivia: what could make us pop through the ceiling? kelly: a lot of people are saying the fed. we could see that as a catalyst for going up or down. right now, a lot of people are saying that the market isn't going to get more inspiring this summer. olivia: i would think that investors would be a lot less nervous. riskse seen a lot of big dissipate. green is no longer holding over us. the chinese market seems to have s

customers on the uber app at the time of the accident. terms of the settlement of not released. >> abc7 was in union square in san francisco as muni workers checked out a damaged car. a bicyclist ran into the car at powell and post at 6:00 p.m. and paramedics took injured bicyclist to the hospital. it took an hour to tow away the damned cable car. the accident came hours after union leaders called on muni and the police department to target people who drive unsafely along cable car routes. >> in southern california crews are battling a 20-acre brushfire sparked by a car crash leaving the none freeway and landing open mountain side at green river road and caught fire. flames spread quickly. crews are working to recollect a nearby community. >> nasa's horizon's team will release morphotos of the close help counter with pluto with a huge buzz among space buffs. alan wang got reaction at the space instrument. >> it was history in the making a space probe traveled three billion miles snapped the first detailed photos of pluto and messaged back saying it was preparing to send those images to either. >> i am beyond excited about this. >> zachary

done and officials closed delaware avenue from lincoln to union streets because of a heavy gas odor and service was disrupted for several customers and working to remedy that problem right now. >>> "action news" confirmed that a philadelphia police officer was officially charged today robert penn is charged with criminal conspiracy and obstruction among other things when penn was shot in overbrook park in march of 2014 prosecutors say that penn asked his brother-in-law to call the philadelphia daily news to report that he shot him. penn surrendered to the internal affairs division and who actually shot penn is unclear today. >>> turning now to the unsettled accuweather forecast, our sky 6 camera atop temple university captured a line of showers today. the rain moved out quickly but won't be gone for long, we have a few hours away from active accuweather activeness. >> that is the official designation now. >> serious. i like that. it won't be until after midnight. many hours before we do see that. as we take a look right now at double scan live radar across the area, there are a couple of pop-ups that 1re8ed and far from a major l

customers on theber app at the time of the accident. the terms of the settlement robert being released. abc7 news was in san francisco's union -- abc7 news was in san francisco's muni square. they say a bicyclist ran into the car just after 6:00 this evening. passengers saw the cyclist walking away from the scene moments after the collision. >> the driver was telling us to come back and he had blood coming down his face. he said he was fine. he didn't look fine. >> paramedics took the cyclist to the hospital. the cable car riders faced delays until the damaged car was towed away. transit union leaders called on muni and the police department to target people who drive unsafely along the cable car routes. >>> sky 7hd was in menlo park where a car smashed into a railroad crossing gate. the gate fell on to the tracks and punctured an air hose on a train that hit it. the incidentland to the delays of up to 35 minutes during the evening rush. >>> cheers broke out at the new horizons mission control today. the tiny space probe messaged back to earth that it completed its first fly by of pluto. abc7 news reporter alan wang was at t

and the soviet union, are they going to fight because when they grew up as a student i was being told the cuckoo -- cuban customst. i am wondering whether in cuba are they leaning more to the policies of the soviet union? are they more democratic than the policies of the united states and whether we in the u.s. are going to gain by the neighbor coming closer to us. >> that is part of our question, who benefits the most from this diplomatic restoration between cuba and the u.s.? going back to florida. luis on the republican line. welcome. caller: when i hear the embassy being opened in cuba, all i can think about is cubans and fitting the most, because the castro regime has total control of the island and whatever we put into the island, they take from us. the only person benefiting from this is the cubans. once we open the embassy we will open other relations and getting them more and will go straight to the castro brothers pockets. >> let's see the talk on twitter. this is one from candace tweet you cannot hold the future of cuba hostage to what has happened in the past. shame on you says henry, you get legiti

customers on the uber app at the time of the accident. the terms of the settlement robert being released. abc7 news was in san francisco's union -- abc7 news was in san francisco's muni square. they say a bicyclist ran into the car just after 6:00 this evening. passengers saw the cyclist walking away from the scene moments after the collision. >> the driver was telling us to come back and he had blood coming down his face. he said he was fine. he didn't look fine. >> paramedics took the cyclist to the hospital. the cable car riders faced delays until the damaged car was towed away. the transit union leaders called on muni and the police department to target people who drive unsafely along the cable car routes. >>> sky 7hd was in menlo park where a car smashed into a railroad crossing gate. the gate fell on to the tracks and punctured an air hose on a train that hit it. the incidentland to the delays of up to 35 minutes during the evening rush. >>> cheers broke out at the new horizons mission control today. the tiny space probe messaged back to earth that it completed its first fly by of pluto. abc7 news reporter alan wang was

customers on the uber app at the time of the accident. the terms of the settlement robert being released. abc7 news was in san francisco's union-- abc7 news was in san francisco's muni square. they say a bicyclist ran into the car just after 6:00 this evening. passengers saw the cyclist walking away from the scene moments after the collision. >> the driver was telling us to come back and he had blood coming down his face. he said he was fine. he didn't look fine. >> paramedics took the cyclist to the hospital. the cable car riders faced delays until the damaged car was towed away. the transit union leaders called on muni and the police department to target people who drive unsafely along the cable car routes. >>> sky 7hd was in menlo park where a car smashed into a railroad crossing gate. the gate fell on to the tracks and punctured an air hose on a train that hit it. the incidentland to the delays of up to 35 minutes during the evening rush. >>> cheers broke out at the new horizons mission control today. the tiny space probe messaged back to earth that it completed its first fly by of pluto. abc7 news reporter alan wang was a

customized to the employees. we're also listening to our unions. our union representatives and seeking their input and other stakeholder groups to see how we can better improve our notification system. not in a long term, but during this period from june 8th to june 19th is to take their feedback every day around call centers around how we could provide faq's on websites, how we can work directly with department heads and agencies. in the notification process, we take very very seriously what we owe to our employees and i will continue to do that, and to make sure that in the second incident that we're using their input. >> well, i think it's absolutely crucial. >> mr. chairman, i would like to really thank you also for having the ig at the table, when i chaired the committee, it was my habit or really my administrative procedure that all of my subcommittees either had an ig come in what was the hotspots for agencies or at least submit written testimony, the fact that you're utilizing that is really crucial. we'll have a lot to talk about this afte

customized to the employees. we're also listening to our unions. our union representatives and seeking their input and other stakeholder groups to see how we can better improve our notification system. not in a long term, but during this period from june 8th to june 19th is to take their feedback every day around call centers around how we could provide faq's on websites, how we can work directly with department heads and agencies. in the notification process, we take very very seriousl

customers than any other airline. scarlet: the southwest airlines ceo, gary kelly speaking with stephanie ruhle earlier. from one ceo to another. we will hear from unionthe heels of a big slump. ♪ scarlet: welcome back to the bloomberg "market day." as we head into the commodities close roundup, i want to talk hogs in headfirst. the plane -- place where you can get a three dollar can of broth. .ast three dollar can it is closing its doors after 23 years. what you are seeing here is video from the movie coyote ugly . the bar in real life is yet another victim -- victim of a too hot to handle property market. steel is with me now. jumping to 60,000 dollars. the meatpacking district is not what it used to be. when hogs opened in 1992, the rent was $3000 per month. 20 years ago that area was not an area anyone wanted to live in, and now you have the shop, tons of studios and really fan restaurant, so there is no place for hogs and heifers. i wonder what part "sex and the city" played in that. a totally different neighborhood now. you have paul mccartney, brad pitt, gwyneth paltrow opening something up there as well. a lot of love -- celebrities drop by to

unions are legal nationwide. >> they don't have to go out of state and marry. a lot of our customers were going to new york or massachusetts to get married so now they can do it here. >> woodruff: then, surviving the next big storm. the tale of two vulnerable cities and urgent efforts to prepare for rising sea levels and severe flooding. >> a storm comes in, we have a damaging flood, and we say we had a storm, we had a flood, but every flood is deeper, bigger, and more damaging because of the sea level rise we've already had. >> woodruff: and... >> this is what the cosmos sounds like. >> woodruff: when medicine and music collide. grateful dead drummer mickey hart explores the scientific power of "good vibrations." >> mickey's wearing an e.e.g. cap and each of these electrodes are detecting the subtle signals of rhythmic activity being generated by the neurons if his brain. >> woodruff: those are some of the stories we're covering on tonight's pbs newshour. >> major funding for the pbs newshour has been provided by: >> supported by the john d. and catherine t. macarthur foundation. co

customers and users and confusion is a breeding ground for hackers. rishaad: absolutely. the thing is, i want to know what the connection, how this could provide a gateway into the european union'snancial system and perhaps even the world's? hugh thompson: absolutely. what is happening in a greece is a huge time of uncertainty for great greek account holders. whenever you face uncertainty out the money, you start people behave differently than they would normally behave. that kind of behavior leads to people being prone to phishing attacks, folks sending e-mails to those people saying, hey, i think you should check your account and go and move some money around. and people are more susceptible to those messages. not just to a greek account holders but that same uncertainty because of the issues in greece affects people in europe, in the united states, a very credible claim if you get an e-mail that looks like it is coming from your bank that says, high, account holder, wanted to let you know because of that activity in greece, we recommend you do x. it may take them to website that is not normally their banking side and trick them into doing something is a what not normally do.

union, and of course the global economy. the banks were closed this week so they didn't run out of many money. endless lines at atms where customersowed to take out $67 a day. calling the increase austerity measures a humiliation and a form of economic terrorism. a no vote could lead to financial chaos and collapse and might create a ripple effect. there will be a very bumpy road ahead, george. >> alex thanks very much. >>> we're joined by the finance minister. you promised to resigned. >> we had a very radical idea do they want to implement this agreement, which we consider to be inviable. if they say yes, we're going to respect that. an agreement that i told the greek people that's not viable. >> if they can't reach a deal with you and bank officials say there's not going to be money left tomorrow or tuesday, how can you put together a deal after a no vote. >> i believe the only way to put together a viable deal mutually beneficial for us and yoorp and the global economy is with a no the reason why the banks are running out has nothing to do with the situation facing the banks. this is a politically engineer a liquidity issue. f

. >>> customers who may have stayed at one of donald trump's hotels may want to check their credit card statements. the breach began as far back as february of this year. >>> and the unionar tree and family dollar is almost complete. but they are selling off 330 stores to get the final merger approval from federal regulators. those stores are slated to be sold to a private equity firm within the next 150 days. >>> and dunkin' donuts says it's going to ditch the styrofoam cups and containers and they aring looking at other alternatives. >>> well straight ahead, a crook rips off a busy dc bank. details on the caper coming up. >>> shark attacks along the east coast have beach goers watching more than just the surf this fourth of july. in ocean city, maryland, that's coming up. >>> a memorial has sprung up for the competitor who lost his life in the world police and fire gam ♪ every auto insurance policy has a number. but not every insurance company understands the life behind it. those who have served our nation have earned the very best service in return. ♪ usaa. we know what it means to serve. get an auto insurance quote and see why 92% of our members plan to stay for li

we brought in the ceo of union square hospitality to our winter meeting, talking about how businesses are delivering results and how in his vision customer service works. which i think a lot of people came up to me and said that they appreciated his examples. we hosted a summit this past april 2 highlight the results that joined by governor herbert and myself and others, we learned, i could not pronounce the limber -- cannot not but name, but we learned that many governors are adopting these practices to deliver better results to the people. for example, governors are looking for on boarding processes for industry leaders creating streamline regulations using performance data and evidence from research to inform budgets. improving efforts statewide and using geographic data to understand and prioritize methods. we also learned that many governors are taking a copperheads of approach to deliver results in their states. they are putting pieces together and creating the systems throughout their states. certainly many different options for delivering results to residents, but regardless whether the governor focuses on one strategy, or implem

we brought in the ceo of union square hospitality to our winter meeting, talking about how businesses are delivering results and how in his vision customer service works. which i think a lot of people came up to me and said that they appreciated his examples. we hosted a summit this past april 2 highlight the

here about the power customs has to influence deportation cases and giving some illegal immigrants legal status. we will have a look at the european unionnd their future. more presidential politics. hillary clinton says, if elected, she will build an economy that benefits everyone. she spoke at a progressive university. ms. clinton: thank you so much. thank you very much. and thanks to everyone at the new school for welcoming us today. i'm delighted to be back. over the past few months i have had the opportunity to listen to americans' concerns about an economy that still isn't delivering for them. it's not delivering the way that it should. it still seems to most americans that i have spoken with that it is stacked for those at the top. but i have also heard about the hopes that people have for their future. going to college without drowning in debt. starting that small business they have always dreamed about. getting a job that pays well enough to support a family. and provide for a secure retirement. previous generations of americans built the greatest economy and strongest middle class the world has ever known. on the promise of a b

historically these assets have been held by banks and credit unions that have existing or developed relationships with their customers. the basel 3 forced many financial institutions to sell off these assets. many have been sold to hedge funds or other nonbanks with little to no experience in dealing directly with consumers. in recent years, the bipartisan group of five members of the financial services committee sent letters to the federal banking regulators asking whether or not they have studied m.s.a. ace or m.s.a. performance during the financial crisis before generating the basel requirements. regulators had not. there was no consideration of m.s.a.'s, how the assets performed hiss tore cleerks or the impact that higher capital would have on consumers. what is more disconcerning, m.s.a.'s exist only in the united states. these are uniquely american product. nowhere else in the world do m.s.a.'s exist yet, it was international regulators to decide how these assets should be treated. benjamin losky stated that, we're finding we're creating giant nonbank servicers who in a couple of instances are not fully able to

different because you'll always be unionized and it will always be the guys in the brown uniforms who have the deliver the packages. >> our focus is the needs of our customers do is take ups my choice which we now have 16 million subscribers, and take our ente integrated ground network, and add points and it differentiates us from the marketplace. no one else can offer what we're offering here. >> david, i'm curious what you're seeing in the bricks. a lot of other companies have warned about particular pain in terms of the pain of economics in brazil and china. can you give us some color on what you're seeing there. >> i'll start with china. there's a lot of news lately and a lot of the issues are more domestically based. most of our business in china is export related, and we've still seen continued good success. this last quarter, our exports out of china was almost 5% and with the growing middle class there, we just see a lot of opportunities in china. brazil also we think there's a lot of potential in brazil. there's a lot of unrest right now, and a lot of uncertainty, and i think that has slowed down just a little bit. our customers view toward brazil.

customs has to influence deportation cases in the process of giving certain groups of illegal immigrants legal status. homeland security secretary jeh johnson testifies. later at 2:00 eastern, a look at the european union's foreign affairs subcommittee. also on c-span 3. this weekend on c-span's "road to the white house," two major political events from iowa. we are the only place you can watch and listen to these events. friday night at 8:00 eastern live in cedar rapids for the iowa democratic party hall of fame dinner. it will mark the first time that all five democratic candidates share the stage. all day saturday at 11:00 a.m. we will be live for the family leadership summit where nine leading republican presidential candidates are scheduled to speak. on c-span thomas c-span radio, and c-span .org. "road to the white house 2016." we take you there. wisconsin governor scott walker enter the 2016 presidential race yesterday. he spoke to supporters for about 45 minutes. ♪ mrs. walker: i am so proud of those two. aren't they doing a great job tonight? and thank you all for being here so i can present my husband scott walker to this great country. last time we were here, when we were at the expo center, w

union. i said how are you going to accomplish this and why are you going to a higher mix of coal? he said our rate payers, our businesses and our residential customers have reached the tipping point. they are no longer willing to pay these high prices in energy costs. it is making us noncompetitive in the world's economy. that's what your agency is doing to our country by not considering the economic implications of the rules that you make. the supreme court has just ruled that it is unreasonable for the e.p.a. to take that position. so i would remind you of that. with that, mr. chairman , i yield back. >> i thank gentleman for yielding. we have a number of member who is have more questions to ask in representation of their districts. we will stand in recess until the call of the chair. >> the committee on science, space and technology will reconvene. at this time the chair recognizes mr. palmer. >> thank you, mr. chairman . administrator mccarthy, i think you made a point that cost was not a major consideration at one point in your testimony. do you not think that considering the link between income and costs and the number of jobs that we lost and

union, i said how are you going to accomplish this? and why are you going to a higher mix of coal? he said our rate payers our businesses and our residential customers, have reached the tipping point. they're no longer willing to pay these exorbitantly high prices in energy costs. it's making us non-competitive in the world's economy. madame administrator, that's what your agency is doing to our country by not considering the economic implications of the rules that you make. the supreme court has just ruled that it's unreasonable for the epa to take that position. so i would remind you of that. and with that mr. chairman, i'll yield back. >> i thank the gentleman for yielding. we have a number of members that have more questions to ask in representation of their districts. so with that we will stand in recess subject to the call of the chair. >> the committee on science, space and technology will reconvene. thank you for the short recess so some of our members could vote. at this time the chair recognizes mr. palmer. >> thank you mr. chairman. administrator mccarthy, i think you've made a point that cost was not a major consideration at one point in

union square half saudi hospitality. he talked about how businesses delivering results and how in his vision, customer service really works, which i think a lot of people -- at least for five people came up afterwards to say how they appreciated his examples. senior officials from 28 states were joined by governor herbert and governor fallin, myself. i cannot pronounce hickenlooper -- [laughter] governors are rethinking recruitment and processes for agency leaders, creating processes to review and streamline regulations, using performance data and evidence from research to inform budgets implementing lean processes statewide, and using geographic data to understand problems and privatize -- prioritize investments. we learned that many governors are taking copperheads of approaches to get results and their states. governors have certainly many different options for how they can deliver better results to the residence, but regardless of whether a governor focuses on one strategy or implements a comprehensive approach, we identified three core principles that found form the foundation. these are principles that many governor

customers. now, thanks to the massive amount of rules and regulations the dodd-frank act has resulted in the compliance costs for community banks and credit unions has gone up significantly and increased the likelihood of consolidation. that fails the consumer. smaller community banks struggle to keep up with the flow of regulations and compliance costs for example since the passage of dodd-frank, the average compliance costs for larger institutions is about 12% of operating costs. ha for community banks the cost to comply with the same regulations a one-size-fits-all approach, is 2 1/2 times greater, or 30%, of the operating costs. that's a big bite. i was visiting some of these community banks and listened to them talk about the different regulations they now had to comply with and one them had made this magnificent chart so that all of their loan officers both could follow along and make sure they got all the parts of the procedure that this law had in regulation at that time. now, they had to hire a compliance officer as well. they've been able to handle that part themselves before. but after they explained all this to me, i said, now let's

customers as they walked through the doors. additional folks in the back office simply filling out forms and turning it in. government figures indicate that the country is losing on average one community bank or credit union a day now. alternatively in the last five years regulators have approved only one new bank as opposed to an average of 170 new banks per year before 2010. let me run that past you again. we've approved one new bank in the last five years since dodd-frank. people don't want to go into banking. and this is having the effect that we all said that it would have. and that is when dodd-frank passes the focus on too big to fail would really mean that you're too small to succeed that the smallest banks in communities all across the country now cannot keep up with the compliance costs and they will sell out to larger and larger banks. and you know what dodd-frank has created? dodd-frank has created more megabanks. and it's pushing more and more smaller banks to sell out. since the end of the first quarter of 2010, oklahoma, my state, has seen 33 community banks disappear through acquisition or merger. 33 of those. 29 of those 33 community banks that disappeared were under $100 million in total