Fed board member says US community banks under threat

Michelle Bowman says smaller community institutions play vital role for ethnic minorities

Michelle Bowman sworn in
Michelle Bowman is sworn in for a second term by Fed chair Jerome Powell
Federal Reserve

Regulation and low profits threaten the US community banking sector, Michelle Bowman, a member of the Federal Reserve Board, said. 

Speaking to a community bankers’ symposium at the Federal Reserve Bank of Chicago, Bowman noted that only 44 new banks had been chartered in the last decade. 

Bowman said that local banks were vital sources of credit both for rural areas and for businesses owned by members of ethnic minorities in cities. She noted that they were responsible for about three-fifths

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.