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The Examiner

"An original idea... That can't be too hard. The library must be full of them!"

- Stephen Fry, British Comedian
Born this day, 1957

Editor's Note: The CSBS Examiner is a weekly look into the news impacting state supervision. If you're interested in more frequent updates, you can subscribe to blogs and press releases, or, if you no longer wish to receive the examiner, you can unsubscribe here. And, if you have any stories from your state you believe are impactful, please send them along to our newsroom.

The CSBS Examiner will not be issued Friday, August 31 due to the upcoming Labor Day weekend. The Examiner will resume September 7.

In This Issue...

     - The Fed needs Michelle Bowman on its Board
     - CSBS Summer Recap
     - Media Highlights

The Fed needs Michelle Bowman on its Board

CSBS continues to press for Michelle “Miki” Bowman to fill the Fed board position that requires experience as a community banker or community bank supervisor. With the strong, bipartisan approval of the Senate Banking Committee, the full Senate should schedule and hold a confirmation vote as soon as possible.  

The Federal Reserve Board has seven seats, only three of which are currently filled. Federal law requires at least one member of the Federal Reserve Board of Governors to have primary experience working in or supervising community banks. Miki Bowman has both. 

In addition to supervisory expertise gained as the state bank commissioner of Kansas, Miki has a practical understanding of the importance of local banks on the local and national economies through her previous role as vice president of Farmers & Drovers Bank in Council Grove, Kan. and her involvement in her family’s cattle and farm operation. 

Miki’s public policy experience is also impressive. She worked for Senator Bob Dole and was as a counsel to the U.S. House Committee on Transportation and Infrastructure and the Committee on Government Reform and Oversight. She was appointed to serve at the Federal Emergency Management Agency after the September 11 terrorist attacks and then later at the Department of Homeland Security.

The Senate Banking Committee rightly supports Miki Bowman’s appointment to the Federal Reserve Board. At a May 15 nomination hearing, Banking Committee Chairman Mike Crapo (R-Id) called both Bowman and fellow Fed nominee Richard Clarida “clearly qualified” and said they should both be quickly confirmed by the full Senate. 

CSBS fully supports Miki Bowman’s nomination to the Federal Reserve Board. John Ryan, CSBS president and CEO, said in June, “I am delighted to see the committee’s endorsement of Bowman who has served both in community banking and as a state regulator and wish her a speedy confirmation.” 

With bipartisan approval from the Banking Committee, the experience necessary to fill a statutorily required role, an obvious need on the Board, and the backing of her fellow state regulators, the full Senate should confirm Miki without delay. The country will be better off for her service on the Federal Reserve Board.  

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CSBS Summer Recap

While summer is typically quiet in Washington, D.C., CSBS and state regulators continued to advance the cause of state supervision. Below is a recap of CSBS's most significant summer news.


Elections and Appointments

  • State regulators elected Mississippi Commissioner Charlotte Corley to be Chair of CSBS.
  • Tennessee's Greg Gonzales and Virginia's Joe Face were appointed to the FFIEC State Liaison Committee, a voting member of the FFIEC that represents states' interests while working with the federal government.
  • The Senate approved Jelena McWilliams to lead the FDIC. CSBS supported McWilliams earlier this year.

Legislative Progress and Achievements

  • CSBS came out in strong opposition to legislation that would restrict states from supervising student loans and protecting students from financial abuse. 
  • CSBS applauded Congress for passing into law S. 2155, legislation that includes several provisions backed by state regulators.

CSBS Projects

  • Eastern Kentucky University won the 2018 CSBS Community Bank Case Study Competition. In their submission, Eastern Kentucky students interviewed Kentucky Commissioner Charles Vice.
  • CSBS announced it will provide the most sweeping cybersecurity training program in state regulators' history. 


  • CSBS Chairman Charlotte Corley wrote an op-ed for the American Banker on how states are stepping up to protect consumers.
  • President Trump nominated, and the Senate Banking Committee approved Kansas State Bank Commissioner Michelle Bowman to serve on the Federal Reserve Board. Read CSBS CEO John Ryan's statement on Bowman's nomination. In 2014, CSBS successfully advocated for legislation that would require at least one member of the Board to have experience supervising or managing community banks.
  • CSBS President and CEO John Ryan wrote about how networked supervision can improve cryptocurrency regulation. 


  • The House Financial Services Committee approved the Bank Service Company Examination Coordination Act. The act, supported by CSBS, would make coordination between state and federal regulators more efficient and effective. The CSBS Examiner covered details on what the BSCA does extensively in a previous edition.


  • State regulators nationwide adopted a single exam for mortgage licensing, delivering on yet another promised part of Vision 2020, an initiative to improve the state licensing process for all nonbank financial services. 
  • CSBS came out in strong opposition to the OCC's Fintech Charter announcement. 
  • CSBS President and CEO John Ryan wrote for the American Banker on how an OCC Fintech Charter would harm the financial industry and consumers.
  • CSBS Chairman Charlotte Corley wrote for the American Banker that the FDIC needs a state regulator on its board.
  • CSBS released a progress update on Vision 2020, an initiative by state regulators to streamline the supervision and licensing of fintech companies.

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Media Highlights

News impacting state supervisors this week:

  • U.S. banks set another quarterly record for revenue in Q2 2018, reaching $60.2 billion. That represents a 25.1 percent, or $12.1 billion, increase from the same quarter last year, including a 21.1 percent gain in net income for community banks. Only 3.8 percent of banks were unprofitable, compared to 4.3 percent a year ago, the FDIC said. The American Banker has six takeaways from the report. 
  • The Federal Agencies issued an interim final rule allowing banks with fewer than $3 billion in assets to qualify for an 18-month examination cycle. 
  • The Senate Banking Committee approved Kathy Kraninger to lead the CFPB, Elad Roisman to be a member of the SEC, Michael Bright to lead Ginnie Mae, and Kimberly Reed to the lead the Export-Import Bank. All votes will now proceed to the full Senate for consideration.

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