Community Banking in the 21st Century
The conference presents an innovative approach to the study of community banks. Academics explore issues raised by the industry in a neutral, empirical manner and present their findings at the conference. Community bankers contribute to an annual national survey prior to the conference and then participate directly in the conference by serving as keynote speakers and panelists, and by providing feedback to the research presented. For more information, please contact email@example.com.
2020 Conference Hosted Virtually via WebEx | Livestream via communitybanking.org | All Times Reflected in ET
September 30 - October 1, 2020
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- Wednesday, September 30
Presentation of Findings from the 2020 CSBS National Survey of Community BanksMichael Stevens
Senior Executive Vice President, Conference of State Bank Supervisors - CSBSAlisha Sears
Senior Analyst, Conference of State Bank Supervisors - CSBSAndrew Meyer
Senior Economist, Federal Reserve Bank of St. Louis
Concurrent Research Paper Session 1
The Future of Community BankingModerator: Elena Loutskina
Professor of Business Administration, Peter M. Grant II Bicentennial Foundation Chair in Business Administration, Darden School of Business, University of VirginiaCommunity Bank Discussant: Mike Butler
President and CEO, Radius Bank, Boston, MassachusettsShared Destinies? Small Banks and Small Business ConsolidationJonathan Pogach, Federal Deposit Insurance Corp.- FDICBank EntrepreneursChiwon Yom, Federal Deposit Insurance Corp.- FDICThe Future of Community Banking: Q&A
Concurrent Research Paper Session 2
Community Development and SupportModerator: Lamont Black
Associate Professor of Finance, Driehaus College of Business, DePaul University Chicago, IllinoisCommunity Bank Discussant: Alden McDonald, Jr.
President and CEO, Liberty Bank and Trust Company, New Orleans, Louisiana“Revitalize or Stabilize”: Does Community Development Financing Work?Daniel Ringo, Board of Governors of the Federal Reserve SystemThe Propagation of Local Credit Shocks: Evidence from Hurricane KatrinaSamir Elsadek Mahmoudi, Georgia State UniversityModerator Lamont Black and Discussant Alden McDonald ResponseCommunity Development and Support: Q&A
Optional Post-Plenary Meetings for Day 1 SessionsPresident Bullard and Carl White Post-Plenary Session
- Thursday, October 1
2020 CSBS Winning Case Study Presentation:
Mississippi State University, Starkville, MississippiIntroduction: Kevin Hagler
Commissioner, Georgia Department of Banking and Finance; 2020 Chair, Conference of State Bank Supervisors - CSBSStudent Team
Juan Benavides, Liam Benson, Byron McClendon, Jake Mlsna and Kirk WrightFaculty Advisor
Matthew Whitledge, Assistant Clinical Professor of Finance, Mississippi State University
Concurrent Research Paper Session 3
Local Lending and Credit AccessModerator: Amiyatosh Purnanandam
Michael Stark Professor of Finance, Ross School of Business, University of MichiganCommunity Bank Discussant: Vernon Hirata
Vice Chairman and Co-chief Operating Officer, Territorial Savings Bank, Honolulu, HawaiiBig Banks, Household Credit Access and Intergenerational Economic MobilityErik Mayer, Southern Methodist UniversityGovernment-Sponsored Wholesale Funding and the Industrial Organization of Bank LendingDayin Zhang, University of Wisconsin-MadisonModerator Amiyatosh Purnanandam and Discussant Vernon Hirata ResponseLocal Lending and Credit Access: Q&A
Concurrent Research Paper Session 4
Moral Hazard Issues in Regulation and OversightModerator: Kathryn Judge
Harvey J. Goldschmid Professor of Law , Columbia Law School, Columbia UniversityCommunity Bank Discussant: David Coxon
President and CEO, Georgia Primary Bank, Atlanta, Ga.How Important Is Moral Hazard For Distressed Banks?Ajay Palvia, Federal Deposit Insurance Corp.- FDICInsurance Pricing, Distortions, and Moral Hazard. Quasi-experimental Evidence from Deposit InsuranceGeorge Shoukry, Federal Deposit Insurance Corp.- FDICModerator Lamont Black and Discussant Alden McDonald, Jr. ResponseCommunity Development and Support: Q&A
Panel Discussion: Community Banking in the Time of COVID-19Moderator: Rhoshunda Kelly
Interim Commissioner, Mississippi Department of Banking and Consumer FinancePanelistsJill Castilla
President, CEO and Vice Chairman, Citizens Bank of Edmond, Edmond, OklahomaKenneth Kelly
Chairman and CEO, First Independence Bank, Detroit, MichiganFrank Scott, Jr.
Mayor, Little Rock, Arkansas
Optional Post-Plenary Meetings for Day 2 Sessions
Research Papers, Authors and Key Findings
Concurrent Research Paper Session 1
The Future of Community Banking
Author: Jonathan Pogach, Federal Deposit Insurance Corp.- FDIC
The study investigates whether changes in the composition of businesses affects the composition of the banking industry. It finds that small-firm employment is positively associated with small bank deposits, income, and small business lending but not associated with large-bank balance sheets and income. The authors link their results to the propensity of small banks to be acquired. The findings are consistent with a view that, in the absence of small-business financial service demand, a large-bank business model based on economies of scale may be more profitable than a small-bank business model based on comparative advantages in relationship lending. While many existing policies seek to support small businesses through the support of small banks, the authors’ results suggest supporting small businesses could be a potential mechanism for supporting small banks.
Author: Chiwon Yom, Federal Deposit Insurance Corp.- FDIC
Key Findings: The study analyzes the characteristics of entrepreneurs who participated in the opening of 185 de novo banks from 2000 to 2008, and how these characteristics influenced subsequent bank performance. These bank entrepreneurs were driven by local opportunities, and also had significant banking and managerial experience, particularly at small banks, unique local knowledge and the networks necessary to raise local funding. Prior employment experiences had a causal effect on bank investment strategies and performance. For instance, prior experience in the real estate industry predicted a higher rate of commercial real estate lending, especially for construction and development loans. These results provide insights that can guide policies that support entrepreneurship and financial stability.
Moderator Elena Loutkina and Discussant Mike Butler Response
The Future of Community Banking: Q&A
Concurrent Research Paper Session 2
Community Development and Support
Author: Daniel Ringo, Board of Governors of the Federal Reserve System
The study uses data obtained from bank performance evaluations under the Community Reinvestment Act to estimate how increased community development lending and investment affects local economic activity. It finds that lending increases wages and employment (at a rate of one job per $56,000 in loans), but does not increase the supply of affordable housing or the growth of house prices. Evidence on the effect of investments is inconclusive. These findings are important insofar as banks in the United States originate $100 billion in community development loans annually and hold similar amounts of community development investments on their balance sheets.
Author: Samir Elsadek Mahmoudi, Georgia State University
In the aftermath of Hurricane Katrina, banks operating in multiple markets diverted financial resources to areas that were damaged, where demand was high for housing and mortgages, from areas that were undamaged. A resulting credit tightening in the undamaged areas reduced housing prices and slowed construction activity. Community banks, being unexposed to damaged areas, partially insulated their local markets from these spillovers.
Moderator Lamont Black and Discussant Alden McDonald Response
Community Development and Support: Q&A
Concurrent Research Paper Session 3
Local Lending and Credit Access
Author: Erik Mayer, Southern Methodist University
Key Findings: The study examines access to credit for low-income borrowers provided by local banks. It finds that small banks approve a higher percentage of mortgage applications than large banks and that mortgage approval rates decrease with increased distances to branch locations. These results indicate that “soft” information is important when lending to low-income households and that smaller banks incorporate more of this information into their lending decisions. The author also finds that intergenerational economic mobility is lower in areas where banks are larger, raising the question of whether consolidation in the banking industry contributes to economic inequality.
Author: Dayin Zhang, University of Wisconsin-Madison
Key Findings: The study shows that a bank’s access to low-cost funding through the Federal Home Loan Bank (FHLB) is associated with an 18-basis-point reduction in its mortgage rates and a 16% increase in its mortgage lending. This effect, moreover, is 25% stronger for small community banks. The authors also find that intensified local competition pushes other lenders to lower their mortgage rates as well, and overall market lending grows. The authors conclude that the FHLB increases annual mortgage lending in the U.S. by $50 billion and saves borrowers $4.7 billion in interest payments every year, through changing the competitive landscape of the mortgage market.
Moderator Amiyatosh Purnanandam and Discussant Vernon Hirata Response
Local Lending and Credit Access: Q&A
Concurrent Research Paper Session 4
Moral Hazard Issues in Regulation and Oversight
Author: Ajay Palvia, Federal Deposit Insurance Corp.- FDIC
Key Findings: This study examines incentives for distressed banks to increase risk-taking as a consequence of deposit insurance and other related elements of the bank safety net. The moral hazard incentives of the bank safety net predict that distressed banks take on more risk and higher leverage. The authors investigate two distinct periods, the first being 1985-1994 and the other being 2005-2014. They both encompassed a financial crisis and were subject to different regulatory regimes. Rather than expand leverage, the authors found that distressed banks took actions to reduce leverage by shrinking assets, closing branches, cutting employees, reducing deposits, reducing deposit rates, adding equity capital and cutting dividends. They also reduced risk, as evident in lower non-performing loans and earnings volatility. The authors conclude that role of moral hazard is limited and that the deleveraging of banks is independent of regulatory regime.
Insurance Pricing, Distortions, and Moral Hazard. Quasi- experimental Evidence from Deposit Insurance
Author: George Shoukry, Federal Deposit Insurance Corp.- FDIC
The author finds evidence that differentials in insurance premiums under risk-based deposit insurance provide banks with incentives to curb excessive risk-taking, which points to the effectiveness of risk-based pricing. However, the evidence also identifies distortionary effects as institutions paying higher premiums shifted their funding sources away from deposits and engaged in an intricate form of regulatory arbitrage to lower their total burden of deposit insurance premiums. This erodes the effectiveness of risk-based pricing and highlights the importance of strong regulatory controls when risk-based insurance pricing is used.
Moderator Lamont Black and Discussant Alden McDonald, Jr. Response
Community Development and Support: Q&A
Speakers and Panelists
Michelle W. Bowman took office as a member of the Board of Governors of the Federal Reserve System on November 26, 2018, to fill an unexpired term ending January 31, 2020. In September 2019, she was appointed to 14-year term. Prior to her appointment to the Board, Bowman served as the state bank commissioner of Kansas from January 2017 to November 2018. She also served as vice president of Farmers & Drovers Bank, Council Grove, Kansas, from 2010 to 2017. In addition to her experience in the banking industry, Bowman worked in Washington, D.C. for Sen. Bob Dole of Kansas from 1995 to 1996 and served as a counsel to the U.S. House Committee on Transportation and Infrastructure and the Committee on Government Reform and Oversight between 1997 and 2002. In 2002, she became director of congressional and intergovernmental affairs at the Federal Emergency Management Agency. From 2003 to 2004, she served as deputy assistant secretary and policy advisor to Homeland Security Secretary Tom Ridge. Following her time in Washington, D.C., Bowman led a government and public affairs consultancy based in London before returning to Kansas in 2010. She received a Bachelor of Science in advertising and journalism from the University of Kansas and her Juris Doctor degree from the Washburn University School of Law, Topeka, Kansas. She is a member of the New York bar association.
James Bullard is the president and CEO of the Federal Reserve Bank of St. Louis. In that role, he is a participant on the Federal Reserve’s Federal Open Market Committee (FOMC), which meets regularly to set the direction of U.S. monetary policy. He also oversees the Federal Reserve’s Eighth District, including activities at the St. Louis headquarters and its branches in Little Rock, Arkansas, Louisville, Kentucky, and Memphis, Tennessee. A noted economist and policymaker, Bullard makes Fed transparency and dialogue a priority on the international and national stage as well as on Main Street. He serves on the board of directors of the St. Louis Regional Chamber and the board of directors of Concordance Academy of Leadership, and he is a past board chair of the United Way U.S.A. Bullard is co-editor of the Journal of Economic Dynamics and Control, and a member of the Central Bank Research Association’s senior council. He is an honorary professor of economics at Washington University in St. Louis, where he also sits on the advisory council of the economics department and the advisory board of the Center for Dynamic Economics. A native of Forest Lake, Minnesota, Bullard received his doctorate in economics from Indiana University in Bloomington.
Michael A. Butler is the president and CEO of Radius Bank, Boston, Massachusetts. Since joining Radius Bank in March 2008, Mr. Butler has transformed the Bank into an innovative leader in the financial services industry, one focused on delivering superior customer service and leading-edge technology to its clients. Under his direction, the Bank has diversified their product offerings beyond consumer and business deposit accounts, by acquiring the equipment financing division of NewStar Financial, expanding the Bank’s for Government Guaranteed Lending footprint nationwide, and developing a Banking-as-a-Service (Baas) platform that allows fintechs to leverage Radius’ expertise and technology to power personal and business banking solutions. During his tenure, Radius has been named Best Online Bank by Bankrate, Best Checking Account by Nerdwallet, Best Business Checking account for Growing Business by Fundera, as well as finalist for best fintech partnership by both Tearsheet and Finovate. Prior to joining the Bank, Mike served as President, National Consumer Finance at KeyCorp in Cleveland, Ohio. He is a graduate of Providence College and the ABA's Stonier Graduate School of Banking. Mike serves as a member of the Financial Services Committee for the Greater Boston Chamber of Commerce, on the Board of Trustees for Thompson Island Outward Bound, and has been active with the Habitat for Humanity program. He was previously recognized as an EY Entrepreneur Of The Year® New England Finalist.
Jill Castilla leads Citizens Bank of Edmond as its president and CEO. Castilla joined Citizens Bank of Edmond in 2009, where she transformed the struggling institution into one of the most innovative community banks in the nation. Most recently, Castilla created patent-pending technology with a full-service electronic banking facility. Her entrepreneurial spirit spills over into her community engagement as the founder of “Heard on Hurd,” a monthly street festival that revitalized downtown Edmond, creating more that $30 million in economic impact and more than $40 million in capital investment. In an effort to propel effectiveness of the U.S. Small Business Administration’s Payroll Protection Program, Castilla partnered with billionaire investor Mark Cuban to create PPP.bank, a free resource for small businesses that was named a Finovate Best Fintech Partnership finalist in 2020. On the national stage, Castilla serves as civilian aide to the Secretary of the Army and on the board of the American Bankers Association, including the audit, venture investment and communications committees. She is a member of the Federal Reserve Bank of Kansas City’s Community Depository Institutions Advisory Council and past Chair of the Community Bankers Association of Oklahoma. Castilla is a six-time recipient of American Banker’s “Most Powerful Women in Banking – Women to Watch” and the team she leads at Citizens Bank of Edmond is a two-time recipient of the “Top Team in Banking.” Prior to her career in community banking, Castilla managed various departments at the Federal Reserve Bank of Kansas City and was an enlisted member in the U.S. Army and Oklahoma Army National Guard. Castilla holds a master’s degree in economics from the University of Oklahoma and a bachelor’s degree in finance from Hawaii Pacific University, where she is a Distinguished Alumna. She is a graduate of the University of Wisconsin's Graduate School of Banking and The Wharton School at the University of Pennsylvania Executive Leadership Program.
David Coxon is the consummate Community Banker with over 45 years of banking experience in the Georgia banking market. David joined Georgia Primary Bank in February 2012 as President and Chief Executive Officer.
David serves on the Community Bankers and Credit Committees of the Georgia Bankers Association and is past chair of the credit committee. David is a lifetime member of the Risk Management Association having chaired their Community Bank Council and in 2010 was elected national chairman for the Risk Management Association.
David strongly supports community banking because it remains the closest to serving the character of its people and businesses. He believes banking is a people business never to be replaced by credit models and technology. David holds a BBA degree in accounting from Columbus State University and a master’s in Organizational Leadership and Management from Mercer University.
Diane Ellis is the director of the Division of Insurance and Research at the Federal Deposit Insurance Corporation (FDIC). The division is responsible for maintaining the adequacy of the Deposit Insurance Fund and an effective and fair risk-based premium system. It also leads the FDIC’s efforts to assess economic and financial sector risks to the banking industry; directs policy-oriented research, both in-house and through the FDIC’s Center for Financial Research; conducts analysis for FDIC rulemakings; and manages the collection and publication of bank financial information and statistics, including the Quarterly Banking Profile. The division disseminates research and analysis through a variety of channels, including published and online reports, as well as conferences and roundtables. Ellis started her FDIC career as a bank examiner in the Orange County, Calif., field office, where she examined numerous troubled banks and thrifts during a severe recession. She then joined the Division of Insurance in Washington, D.C. where she analyzed emerging risks to the banking and thrift industries, with particular emphasis on the consumer sector and credit conditions. Ellis has also served as Deputy to the Vice Chairman, Special Assistant to the Chief Operating Officer, Associate Director for Financial Risk Management, and Deputy Director for Financial Risk Management and Research. She currently serves on the executive council of the International Association of Deposit Insurers. She holds a Bachelor of Business Administration in Finance from Texas Christian University, Ft. Worth, Texas, and is a Chartered Financial Analyst.
Kevin Hagler was appointed Commissioner of the Georgia Department of Banking and Finance effective July 1, 2013. As Commissioner, Kevin has regulatory oversight of 129 banks, 48 credit unions, and over 18,000 mortgage and money service business entities.
Prior to his appointment as Commissioner, Kevin served as Deputy Commissioner for Supervision since August 1, 2008, where he was directly responsible for supervision of depository financial institutions (state-chartered banks and trust companies; state-chartered credit unions; and, bank holding companies and foreign banking organizations conducting business in Georgia).
Kevin began his career with the Department as an Assistant Financial Examiner in 1997. He progressed through the examiner ranks and became a Supervisory Examiner in 2002 in District 1. In 2003, Kevin was appointed to the position of District Director in District 1, where he assumed field regulatory and supervisory responsibilities for the financial institutions in the District.
Prior to joining the Department, Kevin started his career by working for Altus Bank before taking a position with The Bank of Mobile. In 1994, he moved to Atlanta to work for Trust Company Bank (SunTrust Bank) in the Factoring Division, and later worked in Retail Banking.
Kevin currently serves as Chairman of the Conference of State Bank Supervisors. He also serves on the Regulatory Committee, and the Fintech Steering Group. He is a graduate of Auburn University with a degree in Finance and is a Certified Examination Manager.
Kenneth Kelly serves as Chairman and CEO of First Independence Bank, a minority depository institution, based in Detroit, Michigan. He is a respected leader in the banking community, currently serving as Chairman of the National Bankers Association. In 2018, he was named to the Federal Reserve Bank’s Seventh District Community Depository Institutions Advisory Council (CDIAC). Kenneth was also selected to become a member of the Federal Deposit Insurance Corporation Chairman’s Advisory Committee on Community Banking which is charged with providing advice and recommendations to the FDIC on a broad range of community banking policy and regulatory matters. In October 2020, he is expected to be seated on the American Bankers Association Board of Directors. Kenneth has testified as an expert witness before the U.S. Congressional House Financial Services subcommittee on consumer protection and financial institutions and has provided input to the full committee of the House Financial Services during its COVID19 listening session. Also, Kenneth provided input and advice to the Secretary of Treasury and White House Staff during COVID19 on the state of minority banks.
Kenneth’s leadership in various organizations has culminated in him being selected as the chairperson of the Auburn University Engineering Alumni Council. In this role, Kenneth works with a successful group of alumni including many CEO’s to assist the dean of the college with research and development, fundraising, academic achievement and overall guidance to the college to become the best student-centered program in America. In 2019, the dedication of the new Brown Kopel Engineering Student Achievement Center included the naming of the Kenneth Kelly Engineering Academic Excellence Program Reception Area.
Prior to banking, Kenneth enjoyed a 27 year career as an electric utility business leader in numerous roles within Southern Company. His last role entailed negotiating acquisitions of large renewable solar projects valued at $3.4 billion in partnership value. In 2018, Kenneth was inducted as the 137th Distinguished Auburn Engineer. On February 22nd, 2020 he was inducted into the State of Alabama Engineering Hall of Fame.
Kenneth grew up in Eufaula, Alabama and received an electrical engineering degree from Auburn University and completed the executive MBA program at the University of Alabama.
Elena Loutskina is a Professor of Business Administration and Peter M. Grant II Bicentennial Foundation Chair in Business Administration at the Darden School of Business, University of Virginia. Loutskina's research is centered on the financial intermediation. She originally started her career by exploring the impact of securitization on management of financial and nonfinancial corporations. Over time, her research interest expanded to address topics in consumer finance, mortgage markets, small business lending and regulation of financial intermediaries. Her work has been published in top academic journals including the Journal of Finance, Review of Financial Studies and the Journal of Financial Economics.
Since joining Darden she has taught a number of classes, including core "Corporate Finance," "Impact Investing," “FinTech,” ”"Entrepreneurs Finance and Private Equity," and "Due Diligence in Seed Funds." She received faculty teaching awards and was recognized by students and the dean's office for her teaching accomplishments. In 2019 she received UVA Alumni Association Distinguished Professor Award, the most prestigious teaching award at the University of Virginia.
Alden McDonald, Jr. is president and CEO of Liberty Bank and Trust Company, one of the top African American-owned financial institutions in the United States. McDonald oversees an expanding network of financial institutions serving urban communities and provides leadership in community development to a diverse customer base throughout America. He is recognized as a passionate advocate and dynamic catalyst in providing avenues for economic growth, home ownership, wealth building and leadership development in the African American community. McDonald has gained a national reputation as a creative, insightful, yet practical problem solver who has developed mortgage and banking products that enhance the opportunities for the financially underserved, as well as the upwardly mobile populations of America's cities. A graduate of the Louisiana State University’s School of Banking and Columbia University's Commercial Banking Management Program, McDonald has celebrated more than 50 years in banking. Under his stewardship, Liberty has grown from an initial asset base of $2 million to more than $700 million in assets. Over the past 10 years, Liberty has closed over $1 billion in loans. Liberty now operates financial institutions in nine states and 11 major urban areas.
Amiyatosh Purnanandam is the Michael Stark Professor of Finance and the chair of the finance program at the Ross School of Business, University of Michigan, Ann Arbor, Michigan. His research covers a wide range of topics in banking, corporate finance, and credit risk. His recent research work covers topics related to measurement and detection of risk in banks, bank-bailouts, and consumer credit. His research has been published in leading finance and economics journals such as Journal of Financial Economics, Journal of Finance, Review of Financial Studies, Review of Finance, and Journal of Monetary Economics. He currently serves as an Editor of the Review of Finance and has also served on the editorial board of several other academic journals. Purnanandam received his Ph.D. from Cornell University, Ithaca, New York.
John W. Ryan is the president and CEO of the Conference of State Bank Supervisors, the national association representing state banking supervisors and the leading advocate for advancing the state banking system. Before being named CSBS president and CEO in August 2011, Ryan was CSBS's executive vice president, a position he had held since October 2003. He first joined CSBS in 1997 as an assistant vice president for legislative affairs. Prior to joining CSBS, Ryan worked at Newmyer Associates, a public affairs consulting firm, where he led the company's financial services consulting practice. Previous to his work at Newmyer Associates, Ryan spent four years as a professional staff member to the U.S. House of Representatives Committee on Banking, Finance and Urban Affairs. Ryan received a bachelor's degree in political science and economics from the University of California-Berkeley.
Scott is a former member of the Pulaski Technical College Board of Trustees (now UA-PTC) and currently serves on the University of Arkansas-Little Rock’s board of visitors.
George Shoukry is a senior financial economist with the Federal Deposit Insurance Corp. (FDIC) Center for Financial Research in the Division of Insurance and Research. He is interested in the design of regulations, including deposit insurance pricing, and in how banks change their behavior in response to regulatory shocks. More broadly, he is interested in empirical and theoretical aspects of design and has done research in the area of mechanism design. In addition, he is interested in the use of machine learning methods in economics, and he has worked on the development of models that use machine learning tools to monitor and forecast banks' health. He joined the FDIC in June 2014 after receiving his Ph.D. and his Master of Science in economics from the University of Texas at Austin. He received his Bachelor of Science in mechanical engineering from West Virginia University, Morgantown, West Virginia, and his Master of Science in mechanical engineering from the Georgia Institute of Technology, Atlanta, Georgia.
Michael Stevens is the senior executive vice president at the Conference of State Bank Supervisors (CSBS). He is responsible for leading the organization's public policy, financial supervision, federal coordination, communications, industry relations and professional development functions. Stevens also serves as the principal deputy to the state banking member of the Financial Stability Oversight Council. Prior to his appointment in September 2011, he served as the senior vice president for regulatory policy, representing the state banking system in the development of policy in the areas of financial stability, prudential supervision and consumer protection. He joined CSBS in 1999 to work in all facets of CSBS's professional development division. Stevens is a frequent instructor and speaker on banking policy, examinations and financial analysis. He serves on the faculty of the Graduate School of Banking at Colorado and at Texas Tech University's School of Banking. He began his regulatory career as a bank examiner for the Iowa Division of Banking, where he served 11 years.
Laura Lee (Laurie) Stewart is the president and CEO of Seattle-based Sound Community Bank, where she has celebrated more than 30 years at the helm. In that time, she led the conversion of the organization from a $38 million credit union to a commercial bank that grew to be more than $718 million in assets. She maintains a long history in community banking and participation in industry affairs. Stewart currently serves as the chair of the American Bankers Association, representing the nation’s $18.6 trillion banking industry and the employment of more than two million workers. She is also holds a position on the board of directors for the Federal Reserve Bank of San Francisco’s Seattle Branch. Previously, Stewart served as chair of the board of directors of the Washington Bankers Association (WBA), where she helped create the WBA’s Executive Development Program. In addition, she was one of 14 bankers selected to serve on the inaugural Federal Deposit Insurance Corp.’s Advisory Board in 2009, and in 2012, she was named to the Community Bank Advisory Council of the Consumer Financial Protection Bureau. In 2019, she was named Community Banker of the Year by American Banker and received an Executive Excellence award from Seattle Business Magazine. American Banker also named her as one of its Most Powerful Women in Banking in 2011, 2015, 2017, 2018, and 2019. Stewart serves as chair of the board of directors for the National Arthritis Foundation and she is a member of the board of directors of various local, community and charitable organizations such as the Woodland Park Zoo, Seattle, Washington.
Carl White is the senior vice president of the Supervision, Credit, Community Development and Learning Innovation Division at the Federal Reserve Bank of St. Louis. White has 32 years of experience in the Supervision Division serving in various other roles within Safety and Soundness, beginning his career as an examiner.
White has served as lead instructor and course developer on numerous Fed System training courses, including an international assignment in Brazil. In addition, he served as the central point of contact for the District’s largest state member bank before and during the financial crisis. He and his team were nominated for the District’s President’s Award for Innovation as a result of efforts to implement and enhance off-site loan review and examination processes.
White holds a bachelor’s degree with a major in finance from St. Louis University.
Chiwon Yom is a senior economist at the Center for Financial Research with the Federal Deposit Insurance Corporation. Her research interests include bank performance and risk measurement, new bank formation and entrepreneurship, and relationship lending and credit availability. In addition to research, she has worked on deposit insurance pricing and early warning models, participated in the Basel Committee Research Task Force, and reviewed credit risk, market risk and stress-testing models on bank examinations. She received her doctorate from the University of California at Irvine and her Bachelor of Science from the University of California at Berkeley.