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This week, Rep. Jodey Arrington (TX-19) led eleven of his Republican colleagues in sending a letter to U.S. Secretary of the Treasury Janet Yellen expressing concerns about potential disproportionate impacts of recent regulator actions on small community banks across the country.
<p><span>Good morning. I appreciate the opportunity to be part of this symposium on "Banking on the Future," especially since the future of banking is one of the highest priorities in my work at the Board. Today, I will focus my remarks on the importance of community banks to our financial system and the challenges they face. In particular, I will focus on the formation of new banks and pose two key questions concerning the recent scarcity of these "de novo" banks.</span></p>