Before I begin, I want to assure you that all of my colleagues on the Board of Governors, including the Chairman, are concerned about the effect of regulation on community bank lending. In fact, we have established a subcommittee of the Board, which I chair, to focus on the supervision and regulation of community and small regional banks.
In addition, we have established a Community Depository Institution Advisory Council (CDIAC) made up of community banks, thrifts, and credit unions to advise the Board about issues facing smaller institutions.2 But I want to also be clear that any opinions I express today are my own and may not reflect those of other members of the Board.