As a result, Congress specifically tasked the Federal Reserve with taking into account an adequate level of services nationwide when providing and setting fees for payment services.8 The United States has a highly complex banking system with more than 10,000 depository institutions spread over wide areas with differing payment needs.9 Over 4,800 of those are community banks.10 In many areas, particularly rural areas, community banks may be the primary providers of banking services for individuals and small businesses.
Community banks are, therefore, essential in ensuring access to safe and efficient payment services in towns, cities, and rural communities nationwide so that payments can move across the country regardless of geography—from here in the South, to the Midwest, and coast to coast.