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NEW YORK Adidas Tyler Seguin Jersey , Aug. 2 (Xinhua) -- The current U.S. financial regulation system, defined by statutes such as the Dodd Frank legislation, has been burdening small banks across the country with unnecessary restrictions and costs, an expert on U.S. banking regulation said here on Wednesday.

Jacques Schillaci, Counsel at Linklaters LLP (Limited Liability Partnership) Adidas Jamie Benn Jersey , a multinational law firm, said in a news briefing in the United Nations that small banks in the United States, namely community banks and regional banks, don't pose the same risks to the financial system as big banks might, but it is harder for them to bare the regulatory expenses than their larger counterparts.

Schillaci Authentic Tyler Seguin Jersey , among many other U.S. analysts, believed that small banks in the United States were not responsible for the latest 2008 financial crisis.

The financial crisis began with a collapse in the U.S. subprime mortgage market, and developed into a global banking crisis with the bankruptcy of the investment bank Lehman Brothers. Many considered excessive risk-taking by big banks as the major cause of the crisis.

"Small banks just didn't engage in those sophisticated financial activities like subprime lending or risky speculation," Schillaci said.

In response to the 2008 financial crisis, former U.S. President Barack Obama enacted the Dodd-Frank Act in 2010.

Under the law Authentic Jamie Benn Jersey , regulators introduced strict capital standards on banks, called for annual stress tests for systemically important banks, and created the Consumer Financial Protection Bureau.

Schillaci argued that even though the regulations Dodd Frank Act imposed were

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