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Bowman addresses community bankers

In a presentation at the ABA Conference for Community Bankers, Federal Reserve Board Governor Michelle W. Bowman discussed the interaction between innovation and regulation for community banks. Ms Bowman discussed clearing a path for innovation, and creating the right regulatory environment. Governor Bowman concluded, “I believe that we can create a regulatory environment in which community banks are empowered to innovate, in which supervisors leverage their own knowledge to help banks understand what to look for in a service provider. It's a regulatory environment in which guidance is clear and supervisors are appropriately flexible, and due diligence and third-party evaluations are appropriately scaled. Every bank must decide for itself whether and how to adapt their business models to new technologies, but supervisors and regulators can facilitate innovation at a few key milestones on that path forward.”

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