To Comply And Compete, Community Banks Need Fintech

The Federal Reserve is set for new leadership this year as FOMC member and future chair Jerome Powell waits for Janet Yellen to serve out her remaining days following a relatively smooth confirmation hearing. In that hearing and the days preceding it, Powell indicated the likelihood that the Reserve’s post-financial crisis policies would continue in a similar manner. However, a new agenda is likely to get pushed to the forefront as Powell is expected to push for some rollback in regulations. In fact, one of the issues discussed in the hearing was Powell’s support for easing regulatory requirements for regional and community banks.

This is a welcome development to small banks. The financial crisis prompted lawmakers to create more stringent regulations designed to protect consumers and promote stability. The downside, however, is the increased regulatory burden for banks. Banking continues to be a very competitive industry and banks are still feeling the pressure,…

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