Fed's Powell: Regulators Ought Not Unduly Burden Community Banks
Federal Reserve Governor Jerome Powell said Thursday during a community banking conference that financial regulators must be careful to not over-burden community banks with onerous rules, which could unintentionally impede lending activity that is vital for small business growth and job creation. "Although both the traditional bank regulatory agencies and the Consumer Financial Protection Bureau are constrained, to some extent, by the language in the Dodd-Frank Act, all regulators should aim to ensure that we are not unduly rigid in our actions," he said. He added that the Fed will continue to study the overall effects of the new rules on the safety and soundness of community banks and to consider whether modifications to rules, or the way in which they are implemented, could achieve regulators' aims while reducing the regulatory burden on banks.
From "Fed's Powell: Regulators Ought Not Unduly Burden Community Banks"
Reuters (10/03/13)
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