Edmondson Explores Federal Regulations Impact on Community Banks
Initiated by Edmondson and Washington Attorney General Rob McKenna, a panel including Federal Deposit Insurance Corporation Chairman Sheila Bair explored the federal regulatory scheme and its impact on community banks. Edmondson and McKenna moderated the panel which included Tippens, president and CEO of Yukon's Bank of Commerce, and Chris Cole, senior vice president and senior regulatory counsel for the Independent Community Bankers of America.
"As Washington continues to grapple with new regulations brought about by the economic meltdown, AG McKenna and I thought it prudent to take a look at how regulations and enforcement impact community banks," Edmondson said. "As the backbone of our nation's financial structure, community banks are a vital source of credit, especially in smaller communities."
Edmondson invited Tippens to join the panel to provide a first-hand view of the financial and regulatory issues discussed.
"I am honored to share my thoughts on how community bankers help our communities," said Tippens. "I think the A.G.'s are on target and asking the right questions concerning how regulation of small business might impede the recovery of our economy. It's sometimes hard to understand what drives a country as diverse as ours, but community banks have always been the backbone in keeping jobs, schools and communities thriving. I hope I helped the group understand the effects of regulation that is intended to help the consumer but sometimes hurts them."
"This panel was a learning opportunity for attorneys general, but also an unique opportunity to discuss important issues with the head of a powerful federal agency," Edmondson said. "As the federal government looks at changing how banks do business, it should not ignore the fact that the major players on Wall Street and mortgage brokers, not community banks, were at the root of the financial crisis."
