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Fed committed to tailoring supervision for small banks: Powell
October 20, 2014 / 2:06 PM / 3 years ago

Fed committed to tailoring supervision for small banks: Powell

Federal Reserve Board of Governors member Jerome Powell listens during an open board meeting at the Federal Reserve in Washington December 14, 2012. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) - The Federal Reserve is committed to tailoring its supervisory practices for community banks as appropriate to reduce unnecessary burden, a top Fed official said on Monday.

The central bank also needs to ensure smaller U.S. banks continue to operate in a safe and sound manner, Fed Governor Jerome Powell said in prepared remarks ahead of a Fed webinar for community banks to discuss regulatory issues.

Powell did not comment on monetary policy.

Smaller financial institutions in the United States have complained that rising regulatory costs, meant mainly to keep large banks in check, have hurt the local banking industry.

Reporting by Michael Flaherty; Editing by Paul Simao

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