Slideshow Clashing Visions of Future for Small Banks: In Pictures

  • October 08 2013, 12:55pm EDT
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Clashing Visions of Future for Small Banks: In Pictures

Federal Reserve officials reassured community bankers that they are vital to the U.S. economy at a conference in St. Louis last week, while other speakers said regulators are burdening small banks with confusing, confining rules.

Pep Talk

"The future of community banks is important - to both the economy and the communities they serve."

— James Bullard, president of the Federal Reserve Bank of St. Louis

(Image: Bloomberg News)

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Strength in Diversity

"My colleagues … and I understand the value of having a diverse financial system that includes a large and vibrant contingent of community banks."

— Federal Reserve Board Gov. Jerome Powell

(Image: Bloomberg News)

Regulatory Relief

"I hope [our] efforts are helping community bankers avoid spending time trying to understand rules that do not apply to them."

— Federal Reserve Board Chairman Ben Bernanke

(Image: Bloomberg News)

Still Burdened

"There was one [mortgage] regulation where we got three divergent opinions from consultants, our trade association and the government. We took the most conservative route . . . and it was the most expensive route."

— Dorothy Savarese, chairman, president and CEO, Cape Cod Five Cents Savings Bank in Orleans, Mass.

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Break the Cookie Cutter

"Standardization [of lending products] is cutting access to credit. We need to return a non-standardized, flexible product to our banks."

— Charles Vice, Kentucky's banking commissioner

(Image: Thinkstock)

Look Out, Goliaths

"I see a lot of opportunities for us. We want to continue to go after the larger institutions."

— Curt Hecker, president and CEO, Intermountain Community Bancorp in Sandpoint, Idaho