Federal Reserve Governor Michelle “Miki” Bowman said regulators have an obligation to tailor their regulations to the smaller size and less-complex risk profiles of community banks. She noted, “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.”
Governor Bowman, the first person to fill the Fed’s ICBA and IBANYS advocated community banking seat, plans to travel widely and listen to community bankers and other stakeholders. “I will take back the knowledge I gain from these discussions and use it to improve our work,” she said. Bowman’s bipartisan confirmation was for a partial term that expires Jan. 31, 2020, and ICBA has urged the President to renominate her for a full Fed term. Read the full article.