While big banks have dominated headlines, the United States' 4,258 community banks, which are more risk-averse, actually account for more than 90% of all chartered banks.
Yellen on Tuesday, March 21, shifted her emphasis,and saying that the Treasury and regulators were prepared to intervene if further deposit runs threaten more banking contagion.
“The community banks in this country, we know, are strong and resilient. And I think banks need to reassure their customers, that they are strong and resilient, and the government needs to do exactly the same thing,” she said. A spokesperson for the Independent Community Bankers Association said that member banks did not experience deposit runs amid the recent turmoil because customers perceive them as safely run and want to bank with local institutions.
ICBA president Rebeca Romero Rainey, who had previously called for equal treatment for SVB and Signature, said Yellen’s remarks “recognize that if policymakers decide to provide unlimited deposit insurance to some institutions, they cannot leave others out – certainly not the community banks that have, as always, operated on a safe and sound basis.”
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