Fed Gov. Bowman Gives Keynote on "Community Banks Rise to the Challenge"
On the first day of the 2020 virtual conference, Federal Reserve Governor Michelle Bowman gave opening keynote remarks that addressed how community banks have risen to the challenge of serving their customers amid the COVID-19 pandemic and the corresponding economic slowdown, including the important role they played in the rollout of the Paycheck Protection Program (PPP).
"The slowdown is being felt differently from community to community, and is being responded to differently from community to community. So it is no surprise that community banks are standing shoulder to shoulder with their customers, on the front lines," Bowman told bankers from around the country who participated in the virtual event. "You have done this before, of course, during past recessions, but for the reasons I've outlined, your role this time has never been more critical. That is why one of the government's first responses to the pandemic was the Paycheck Protection Program (PPP) geared, to small business, and necessarily dependent on community banks."