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Prepared and Prerecorded Introductory Remarks

Kathleen O’Neill Paese
Interim President and CEO, Federal Reserve Bank of St. Louis
Community Banking Research Conference
Federal Reserve System, Conference of State Bank Supervisors (CSBS) and Federal Deposit
Insurance Corp. (FDIC)
Oct. 4, 2023
Any opinions expressed here are my own and do not necessarily reflect those of the Federal Reserve System or the
Federal Open Market Committee.

Good morning, and welcome to the St. Louis Fed for the 11th Community Banking Research
On behalf of the entire staff here at the Federal Reserve Bank of St. Louis, we’re delighted to
serve as the host site for this important annual research and policy conference.
Although I’m not able to participate in the proceedings in person over the next two days, I was
pleased to be able to meet so many of this year’s researchers and presenters yesterday evening
at our reception. And I look forward to tuning in to this year’s proceedings through the
conference livestream.
I’d like to commend the conference organizers for once again putting together such a strong
program. I’d particularly like to commend all the presenters on this year’s program—it’s your
insights and willingness to engage in respectful discussion and debate that have made this
conference the go-to community banking research conference for more than a decade. This
conference would not be possible without the strong partnership between the Federal Reserve
System, the Conference of State Bank Supervisors and the Federal Deposit Insurance
Each year, this conference helps us gain new insights and crystallize our understanding of the
opportunities and challenges facing our nation’s community banks.
Community banks are vital to the local economies across the United States. We see the impact
of community banks every day across the Federal Reserve’s Eighth District, and we have many
active engagements with community banks throughout the year that help us better understand
the economic and banking conditions they are facing.


This year’s conference will help us deepen our understanding of the community bank business
model and also will allow us to do so through the lens of researchers, regulators and
community bankers in attendance.
Perspectives from Federal Reserve Governor Miki Bowman, FDIC Chairman Marty Gruenberg,
Kansas City Fed President Jeff Schmid, CSBS President and CEO Jim Cooper and CSBS Chair Lise
Kruse add additional depth to this year’s proceedings. I’m grateful to all of them for lending
their voices to this year’s program.
At its core, this is a research conference, and I’d be remiss if I didn’t recognize the work of the
conference research committee and the conference research chair, specifically Board
economist John Kandrac. Putting together a program of such quality is no small task. Thank you
for the countless hours you and your committee put in to develop such a high-quality research
In closing, I’d like to underscore the importance of bringing so many diverse voices and
perspectives to these proceedings each year. The St. Louis Fed has a long-standing tradition of
broadening the dialogue around the important economic issues and ensuring that our
understanding is always informed by a diversity of voices.
In my view, this conference is a continuation of that important tradition. Thank you for your
time this morning. Have a great conference.