Last week, the United States Senate finally confirmed Governor Michelle “Miki” Bowman to serve as the Federal Reserve Vice Chairman for Supervision.
Governor Bowman’s confirmation represents a historic milestone, as she is the first individual appointed to this position with direct experience in bank supervision. Prior to her appointment, she served as the Commissioner of Banking for the State of Kansas and was actively involved in her family’s bank.
In her first public remarks following confirmation, Vice Chair Bowman promised that pragmatism would be the guiding principle of her leadership.
Bowman said the Fed would “extend the application of tailoring to our supervisory approach to financial institutions,” and would create an “independent community bank supervisory and regulatory framework to clearly separate these banks from larger bank supervision and regulation.”
“Later this year I will host a conference on small and community bank issues, to discuss improving the bank regulatory framework to adopt a more efficient, tailored approach for these firms,” Bowman added.
IBAT looks forward to working with Governor Bowman as she provides leadership among all banking regulators, right-sizing community banking regulation for the first time in the Dodd-Frank era.
