Federal Reserve Governor Michelle “Miki” Bowman said regulators have an obligation to tier their regulations to the smaller size and less-complex risk profiles of community banks.
“If we keep our focus on appropriately tailoring regulatory requirements for community banks so they may continue to prudently thrive, then community bankers should be able to devote more resources and time to serving their customers and communities,” she said.
Bowman said she plans to travel widely and listen to community bankers and other stakeholders as the first person to fill the Fed’s ICBA-advocated community banking seat. “I will take back the knowledge I gain from these discussions and use it to improve our work,” she said.
ICBA recently urged
President Donald Trump to renominate Bowman for a full Fed term. In a letter to Trump and the heads of the Senate Banking Committee, ICBA noted that Bowman’s bipartisan confirmation was for a partial term that expires Jan. 31, 2020.
Read Bowman’s Speech