World Bulletin / News Desk
US Federal Reserve (Fed) Chairman Ben Bernanke said that community banks faced certain key problems including slow recovery and the responsibility of complying with new and existing regulations.
Giving a speech at the Federal Reserve Bank of St. Louis on Wednesday, Bernanke said that community banks, despite some natural advantages such as close relations with their customers, also faced competition from larger banks and other financial institutions.
Noting that the Fed is careful not to impose burdens on small banks, Bernanke said, "The Fed understands the concerns of small banks and are determined to craft regulations that are appropriately scaled to banks’ size and complexity."
In his speech, the chairman did not mention the monetary policy, US economy or the government's shutdown.