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Thursday, May 1, 2014

Yellen on Easing Community Bank Regulatory Burden

The Fed is seeking ways to lighten the regulatory burden on community banks, Federal Reserve Chairman Janet Yellen said at the Independent Community Bankers of American 2014 Washington Policy Summit. Yellen spoke about her belief that the regulations that written in the wake of the financial crisis applying to systemically important financial institutions should not necessarily apply to community banks.

Some initiatives the Fed is taking to ease the burden on community banks include working with the Financial Accounting Standards Board (FASB) to help ensure that the new standard can be implemented in a reasonable way for community banks, as well as adopting a new framework for compliance examinations where the intensity of the examination is based more explicitly on the individual community bank’s risk profile, weighed against the effectiveness of the bank's compliance controls.

Read the speech.

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