Fed assessing effects of community bank closures in rural areas – Quarles

Randal Quarles
US Federal Reserve

The Federal Reserve is assessing the effects community bank closures may have on rural communities, the Fed’s vice-chair of supervision, Randal Quarles, said in a speech on October 4.

“The numbers of urban and rural community banks have been declining over the past 20 years, but community banks continue to play an important role in both types of markets,” said Quarles.

He stressed community banks have local knowledge and have developed relationship-based lending that can help to reduce losses

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