The Independent Community Bankers of America released a statement on Thursday following Federal Reserve Chairman Ben Bernanke’s comments on the future of community banking during a conference co-sponsored by the Fed and the Conference of State Bank Supervisors in Missouri.
Bernanke said on Wednesday that community banks face a number of challenges in the future, including slow economic growth and stricter regulation, Bloomberg reports.
“Community bankers today confront a frustratingly slow recovery, stiff competition from larger banks and other financial institutions, and the responsibility of complying with new and existing regulations,” Bernanke said, according to Bloomberg.
The ICBA thanked Bernanke for his “recognition that community banks are uniquely suited to serve their local communities.”
“We thank the chairman and the Board of Governors for their recognition of the unique role community banks serve in our financial system and for recognizing that regulations need to be scaled to fit a bank’s size and complexity,” the ICBA said. “ICBA looks forward to continuing its work with the Federal Reserve to ensure that community banks are not hindered by further regulatory burden so they can continue to serve their local economies and contribute to a more robust national economy.”
The ICBA represents 7,000 community banks of all sizes and charter types across the U.S.