"The Future of Community Banking Is at a Crossroads"

Director of the Office of Thrift Supervision John Reich spoke to the New Jersey League of Community Bankers.  The key point of his address was this cautionary statement:  "The future of community banking is at a crossroads.  Its future is by no means certain and I believe few outside this room and industry truly understand the cost to our communities from the loss of this important resource.”

In addition to discussing community banking issues and the thrift charter, Director Reich also talked about current issues with subprime lending.  He urged financial institutions to work with troubled subprime borrowers.

Link to Speech:  http://www.ots.treas.gov/docs/8/87136.pdf

(ag) May 8, 2007, in Federal Banking Agencies/OTS