Secretary of the Treasury Scott Bessent and Comptroller of the Currency Jonathan V. Gould today highlighted the Trump Administration's efforts to reduce regulatory burdens on community banks, foster economic growth, and safeguard the U.S. financial system from illicit activities during remarks at the Arizona Bankers Association Roundtable.
Comptroller Gould noted that community banks have faced a regulatory framework designed for larger institutions, leading to the disappearance of over half of them since the Dodd-Frank Act. The OCC has since refocused supervision on material financial risk, aiming to spend less time on activities that do not enhance safety and soundness.
Emphasizing their vital role, Gould said that community banks, despite holding a small fraction of banking assets, are crucial for small business and agricultural lending. He linked their strength to President Trump's economic agenda and Secretary Bessent's vision of "Parallel Prosperity," asserting that "A Main Street comeback requires a community bank comeback."
The officials also addressed protecting the financial system from illicit activity, particularly in border states like Arizona. Gould reiterated Secretary Bessent's statement that "economic security is national security," underscoring banks' responsibility to know their customers and make sound decisions to prevent abuse of the financial system.