Pub. 1 2021 Issue 1

18 | The Show-Me Banker Magazine COMMUNITY BANKERS PLAY A VITAL ROLE IN AMERICA’S PANDEMIC RESPONSE By Carl White, Senior Vice President, Supervision, Federal Reserve Bank of St. Louis Proud. Overwhelmed. Frustrated. These sentiments and others expressed by bankers come from the 2020 National Survey of Community Banks, con- ducted annually by the Conference of State Bank Supervisors (CSBS) and state banking regulators for the past seven years. The survey is released each year during the annual Commu- nity Banking in the 21st century research and policy con- ference; the event is sponsored by the Federal Reserve, the CSBS and the Federal Deposit Insurance Corporation. In this year’s survey, the effects of COVID-19 dominated and col- ored typical industry concerns related to regulatory burden, small business lending, industry consolidation, competition and technological innovation. In last year’s survey, funding— its cost and availability — was cited as the greatest challenge by the bankers surveyed. This year, “business conditions” took the top spot. Com- munity bankers faced a changed and daunting banking environment and had workplace issues of their own to manage, but they were also able to take advantage of their deep community connections to step up and help their local economies. Regulatory burden, competition and core deposit growth still remain important concerns, but the uncertainty created by the COVID-19 pandemic certainly impacted community bank views on the challenges they would be facing in the months ahead.