Same thing on wall street. small firms have same impossible regulatory burden as large ones.
A friend of mine who runs a small brokerage firm tells me that Dodd-Frank actually removes Federal oversight from firms under a certain size. This is not a good thing, he says, because he now subject to regulatory oversight by every state where his customers live instead of by the SEC. In his particular case, he now has to go through 21 different regulatory processes instead of just one.