As the role of technology evolves more into mainstream banking, banks will need to think about technology expenditure in a different way. Instead of being a cost to manage down, it should be seen more as an investment to support growth and new business development, only to stay ahead of the curve in the competitive world.
Small, solid institutions like this one are essential to so many of our citizens and communities. As regulators, we need to ensure that we are not imposing unnecessary burdens on community banks. That is why one of my priorities as a Governor has been to appropriately tailor our supervision and regulation to the size, complexity, capacity, and risks posed by an institution.