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Fed chair touts efforts to ease regulatory burden on community banks

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Fed chair touts efforts to ease regulatory burden on community banks

The head of the U.S. Federal Reserve said that the central bank continues to explore regulatory relief for community banks.

Fed Chair Janet Yellen noted that bank regulators last week proposed a rule that would simplify capital requirements for community banks and other smaller financial institutions, as she spoke at a community banking conference in St. Louis.

She also pointed out that the Fed and other bank regulators have proposed a rule expanding the number of commercial real estate transactions that would not require appraisals.

"The Fed has been working hard to ensure that its regulation and supervision of banks are tailored appropriately to the size, complexity and role different institutions play in the financial system," she said.

Yellen has come out in favor of retaining many of the regulations that were put in place after the financial crisis. However, she has also said regulators should be flexible in their approach to community banks.

"We know that community bankers are part of the communities they serve, and they are often better able to understand the needs and the aspirations of their customers," she said.