(MENAFN– ecpulse) Today the Federal Reserve Chairman Ben S. Bernanke, affirmed publicly at the Federal Reserve Bank of St. Louis that community banks are currently facing big challenges including slow economic growth whom he describes as “frustratingly slow” and compliance with stiffer regulation.
Within his remarks the Chairman said: “Community bankers today confront a frustratingly slow recovery, stiff competition from larger banks and other financial institutions, and the responsibility of complying with new and existing regulations”
Plus he added that the Federal Reserve is analyzing the whole scenario regarding mainly the small banks and overall challenges that they are facing along with projected obstacles while crafting “regulations that are appropriately scaled to banks’ size and complexity”
However up till this date smaller banks on the U.S soil are convinced that the U.S government along with the Federal Reserve have only been creating obstructions to their activities with regulatory changes such as Basel III capital requirements and the Dodd-Frank Act
Now almost all of the banks in the SmallCap index are up this year, while Glacier Bancorp Inc. of Kalispell, Montana, and six others climbed at least 50 percent and Standard & Poor’s SmallCap Banks Index of 48 firms with market values less than $2.5 billion has rallied 27 percent
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