Federal Reserve Governor Bowman: Community banks are the cornerstone of the banking and financial system.

Bauman, who is responsible for bank supervision, said that the community bank meeting on October 9th will discuss potential reform ideas for the capital framework of these banks. She previously expressed concerns about the competitive landscape of community banks. Community banks have long seen their market share eroded by larger banks. "Community banks are the cornerstone of the banking and financial system, providing support to local communities and their customers," Bauman said in a speech at the Colorado Springs Kansas Bankers Association. "These banks are often overlooked, with very few people paying attention to long-standing and emerging issues, as well as concerns of the industry and consumers."