Fed’s Bowman says she aims not to burden small U.S. banks unduly

SAN DIEGO (Reuters) – The Federal Reserve is tailoring its regulations and guidelines so that smaller banks are not subject to the same level of scrutiny and paperwork as the biggest banks, Fed Governor Michelle Bowman said on Monday.

“I would emphasize how crucial it is to balance effective regulation and supervision to ensure the safety and soundness of community banks while also ensuring that undue burden does not constrain the capacity of these institutions to support the communities they serve,” Bowman said in remarks prepared for delivery to an American Bankers Association conference in San Diego.

Bowman, a former Kansas State banking regulator who was appointed to the U.S. central bank last year by President Donald Trump, made no comments on U.S. monetary policy or the economic outlook in what were her first public remarks as a Fed governor.

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