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: Fed governor flags threat from the demise of community banks and ‘unhealthy level of similarity’ in banking system

Fed governor Michelle W. Bowman has called for continued study of a sharp drop in community bank startups as a potential cause of an “unhealthy level of similarity” in the U.S. banking system.Low interest rates, increased regulatory costs and competition from unregulated financial technology companies have all led to only a handful of new community bank launches in the U.S. in recent years, she said.

Speaking at the 2021 Community Bankers Symposium: Banking on the Future event last week, Bowman said she has asked Federal Reserve…

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