However, as we and other agencies craft regulations to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and adjust supervisory practices to meet these priorities, I think we must avoid a one-size-fits-all approach to supervision. To this end, the Federal Reserve last year formed a subcommittee of the Board to oversee the supervision of community and small regional banking organizations.
I chair the subcommittee and am joined in this effort by Governor Sarah Bloom Raskin, who complements my community banking background with her experience as a banking lawyer and a state bank supervisor. In addition, in 2010 the Federal Reserve formed the Community Depository Institution Advisory Council (CDIAC) with membership drawn from smaller banks, thrifts, and credit unions.