Fed board member says US community banks under threat
Michelle Bowman says smaller community institutions play vital role for ethnic minorities
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
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