The Fed also influences the supervision of all community and regional banks by developing both safety and soundness and consumer rules to implement laws passed by Congress, applicable to insured depositories and their holding companies. Typically this is done in collaboration with other federal agencies and after seeking the public’s input.
I mention Congress and these other agencies to emphasize that the Fed shares responsibility for writing and implementing federal regulations for community banks. Now, let me describe my role. In addition to my broader responsibilities in supervision and regulation, I am Chair of the Board’s Smaller Regional and Community Banking subcommittee, which oversees our work in this area.