Clashing Visions of Future for Small Banks: In Pictures
October 7, 2013 9:13 AM
Federal Reserve officials reassured community bankers that they are vital to the U.S. economy at a conference in St. Louis last week, while other speakers said regulators are burdening small banks with confusing, confining rules.
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(Image: Thinkstock)
Pep Talk
"The future of community banks is important - to both the economy and the communities they serve."
James Bullard, president of the Federal Reserve Bank of St. Louis
(Image: Bloomberg News)
Strength in Diversity
"My colleagues
and I understand the value of having a diverse financial system that includes a large and vibrant contingent of community banks."
Federal Reserve Board Gov. Jerome Powell
(Image: Bloomberg News)
Regulatory Relief
"I hope [our] efforts are helping community bankers avoid spending time trying to understand rules that do not apply to them."
Federal Reserve Board Chairman Ben Bernanke
(Image: Bloomberg News)
Still Burdened
"There was one [mortgage] regulation where we got three divergent opinions from consultants, our trade association and the government. We took the most conservative route . . . and it was the most expensive route."
Dorothy Savarese, chairman, president and CEO, Cape Cod Five Cents Savings Bank in Orleans, Mass.
Break the Cookie Cutter
"Standardization [of lending products] is cutting access to credit. We need to return a non-standardized, flexible product to our banks."
Charles Vice, Kentucky's banking commissioner
(Image: Thinkstock)
Look Out, Goliaths
"I see a lot of opportunities for us. We want to continue to go after the larger institutions."
Curt Hecker, president and CEO, Intermountain Community Bancorp in Sandpoint, Idaho
