Community banks weren’t behind the financial crisis, but according to a new Bloomberg Brief report, they’re still struggling to adapt to the resulting regulatory overhaul. This includes more than 6,000 commercial banks and savings institutions with fewer than $10 billion in assets and the close to 7,000 state and federally chartered credit unions.

Though it’s been almost four years since the Dodd-Frank Act became law, roughly 33 percent of the rules are still being written or haven’t been proposed, according to data compiled by Bloomberg Government’s Cady North. And it’s those final rules – expected for risk retention, ratings agencies and stress tests, among others – that will continue to pose compliance challenges for community banks and credit unions.

Community banks weren’t behind the financial crisis, but according to a new Bloomberg Brief report, they’re still struggling to adapt to the resulting regulatory overhaul.

Community Banks and Credit Unions by the Numbers from 2008 to 2013

We asked guest commentators to look at the cost of supervision and regulation for community banks and credit unions as well as possible compliance burdens.

Ron. J. Feldman, executive vice president of the Federal Reserve Bank of Minneapolis, said rising supervision and regulation costs were expected to hit smaller banks the hardest. Hester Peirce, senior research fellow at the Mercatus Center at George Mason University, said community bankers were spending more time studying new reforms and guidance documents and less time interacting with customers.

We also asked regulators to weigh in, and found that are focusing largely on risk issues. U.S. Comptroller of the Currency Thomas J. Curry said that one size doesn’t fit all when it comes to risk management at community banks, while National Credit Union Administration Chairman Debbie Matz said credit union losses could have been reduced and failures prevented during the financial crisis if its controversial risk-based capital proposal had been in place. -Melissa Karsh, Financial Regulation Editor, Bloomberg Brief

To read the report in its entirety click here.