{"id":82013,"date":"2023-11-08T03:36:05","date_gmt":"2023-11-08T08:36:05","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/fed-community-bank-advocate-michelle-bowman-says-proposed-bank-reforms-go-beyond-what-the-law-intends\/"},"modified":"2023-11-08T03:36:08","modified_gmt":"2023-11-08T08:36:08","slug":"fed-community-bank-advocate-michelle-bowman-says-proposed-bank-reforms-go-beyond-what-the-law-intends","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82013","title":{"rendered":"Fed community-bank advocate Michelle Bowman says proposed bank reforms go beyond what the law intends"},"content":{"rendered":"
\n

Fed governor Michelle Bowman said Tuesday that federal officials are overstepping the spirit of the law with a series of proposed bank rules now under debate.<\/p>\n

Bowman said the measures are potentially disruptive to banks and may not strengthen the financial system as they\u2019re intended to do.<\/p>\n

\n

\u201cAt a time when confidence in public institutions is waning, the Federal Reserve should strive to demonstrate beyond doubt that it executes its duties in an independent manner, focusing on its statutory obligations,\u201d Bowman said. \u201cI fear that many of these actions may fall short of this objective.\u201d<\/p>\n

Bowman, often described as the voice of community banks, took aim at 5,000 pages of proposed updates to banking regulations, including the update to the Community Reinvestment Act and proposed higher capital requirements for banks. <\/p>\n

She\u2019s also concerned that a proposed cap on interchange fees could add to consumer borrowing costs.<\/p>\n

Bowman also zeroed in on the Federal Reserve Board\u2019s pilot climate-scenario program, now underway with six of the largest U.S. banks, as expensive and difficult to implement.<\/p>\n

On the topic of bank capital requirements, Bowman said the U.S. financial system is strong and resilient without them. <\/p>\n

\u201cI am skeptical of assertions that the costs of the proposal are justified by the benefits,\u201d Bowman said. <\/p>\n

Bowman said that she supports the spirit of the Community Reinvestment Act, which aims to foster more lending in low- and moderate-income neighborhoods, but that the proposed regulations would impose an unfair regulatory burden on community banks.<\/p>\n

While the rule includes many positive changes, she said, the agencies \u201carguably exceeded the authority granted by the CRA statute.\u201d She added: \u201cThe rule is unnecessarily complex, overly prescriptive and directs outcomes that result in disproportionately greater costs than benefits.\u201d<\/p>\n

Bowman made her remarks at the 2023 Ohio Bankers League meeting in Columbus, Ohio. Bowman and Chris Waller are the only two Fed governors appointed during the Trump administration.<\/p>\n

Gregg Robb contributed.<\/em><\/p>\n

Also read:<\/strong> Fed cop Michael Barr defends higher capital requirements as bankers bristle<\/p>\n

Also read: <\/strong>Fed has lifted interest rates high enough to tame inflation, Bostic suggests<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fed governor Michelle Bowman said Tuesday that federal officials are overstepping the spirit of the law with a series of proposed bank rules now under debate. Bowman said the measures are potentially disruptive to banks and may not strengthen the financial system as they\u2019re intended to do. \u201cAt a time when confidence in public institutions […]<\/p>\n","protected":false},"author":1,"featured_media":82014,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-82013","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nFed community-bank advocate Michelle Bowman says proposed bank reforms go beyond what the law intends | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Fed governor Michelle Bowman said Tuesday that federal officials are overstepping the spirit of the law with a series of proposed bank rules now under\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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