Fed’s Bowman highlights important role of community banks

In a speech to the Alaska Bankers Association, Federal Reserve Governor Michelle Bowman emphasized the important role community banks play in rural areas like those throughout the state of Alaska. Bowman starts her speech by noting that while many services are available online, “Alaskans know better than most Americans, geography and location are also important.”

She later continues: “Smaller banks, including community banks, are indispensable in providing access to financial products and services, especially in more remote or rural areas. Here, in Alaska, your banks are the front-line providers for your communities. As you know well, community banks support small businesses through credit and technical assistance and targeted support specific to customers in their communities.”

Bowman closes by highlighting the Federal Reserve’s efforts to provide broader financial services access to Indigenous groups. “As the Federal Reserve’s representative to the network, I have prioritized expanding our outreach and engagement efforts to include all U.S. Native populations, Native Alaskan, Native Hawaiian and Native American. Coming here to Alaska is a key part of this role to ensure that the Federal Reserve continues to expand our firsthand knowledge and understanding of the issues and barriers that may prevent full engagement in the economy.”

See Bowman’s full speech here.