Oct 3 - Camden R. Fine, president and CEO of the Independent Community Bankers of America, has released this statement following remarks made by Federal Reserve Chairman Ben S. Bernanke during the "Community Banking in the 21st Century," a conference co-sponsored by the Federal Reserve System and the Conference of State Bank Supervisors in St. Louis, Mo.
“ICBA thanks Chairman Bernanke for his remarks and for his recognition that community banks are uniquely suited to serve their local communities. During his speech, the chairman emphasized the importance of the community bank relationship-based business model, saying that community banks’ direct, personal knowledge of their local economies enables them to tailor products and services to meet their communities’ needs. He also said that community bankers recognize that their own success depends on the health of the communities they serve, which is why so many community bankers contribute locally as citizens and leaders as well as in their capacities as lenders and providers of financial services.
“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.
“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.”