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Federal Reserve official says supervision will be tailored for community banks
Summary
An agency official at the Federal Reserve Board told attendees a conference hosted by Vice Chair for Supervision Mickey Bowman that community banks "play a vital role in the US financial system" and that the Fed is committed to tailoring supervisory practices to reduce unnecessary burden while maintaining safety and soundness.
An agency official at the Federal Reserve Board opened a conference thanking Vice Chair for Supervision Mickey Bowman and board staff, and said the gathering was meant to help Fed leaders hear from community bankers about local challenges. "Community banks play a vital role in the US financial system because they have strong links to the people and businesses they serve and direct knowledge of local economic conditions," the official said.
The official described how those close ties help community bankers understand customer needs and design products and services for their communities, noting personal experience leading the Fed's community and regional bank subcommittee and as a community bank customer. The remarks framed the conference as a chance for Federal Reserve leaders to learn from practitioners and to tailor supervision "as appropriate for community banks to reduce unnecessary burden while still ensuring that community banks continue to operate in a safe and sound manner," the official said.
The opening set the tone for the event as a listening and information-gathering session rather than a forum for immediate policy changes; the official thanked Mickey Bowman for hosting and the board staff who organized the meeting. No formal actions or votes were announced during the opening remarks.
The conference is intended to include further remarks from community bankers and Fed staff to inform supervisory approaches and policy discussion.
