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Fed Chair: Bank Consolidation Has Hung Rural Communities Out To Dry

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Fed Chair: Bank Consolidation Has Hung Rural Communities Out To Dry

Fed Chair: Bank Consolidation Has Hung Rural Communities Out To Dry

Federal Reserve Chairman Jerome Powell observed the impact of bank industry consolidation on rural economies.

Powell said Tuesday that over the past few decades, branches and local community banks disappeared and access to financial services declined.

Reuters reports Powell cited meetings of Fed staff held last year in communities where banks had closed.

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Fed Chair: Bank Consolidation Has Hung Rural Communities Out To Dry

TUESDAY, OCT.

2, 2018, FILE PHOTO AUG.

15, 2014 FILE PHOTO - SYRACUSE OUT




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