2025 Regulatory Summit

Regulatory Summit

September 15-17 , 2025 Austin, TX

@ www.csbs.org ♦ @csbsnews

CONFERENCE OF STATE BANK SUPERVISORS 1300 I Street NW / Suite 700 / Washington, DC 20005 / (202) 296-2840

Regulatory Summit Sept. 15-17, 2025| All Times Central Time Austin, Texas

Monday, September 15 11:00 AM

Registration | Phoenix Ballroom Foyer 11:00 AM-5:30 PM Welcome Remarks | Phoenix South/Central 1:00 -1:15 PM Charles Cooper Commissioner, Texas Department of Banking

1:00 PM

Sebastien Monnet Senior Vice President, Workforce Development & Deputy Chief Learning Officer, Conference of State Bank Supervisors

1:15 PM

Emerging Issues in A.I. and Intersections with Financial Services 1:15 -2:15 PM Kelly Cochran Deputy Director & Chief Program Officer, FinRegLab Kyle Thomas Senior Advisor for Policy & Innovation, Conference of State Bank Supervisors

2:15 PM

Break 2:15 -2:30 PM

2:30 PM

U.S. Economic Outlook 2:30 -3:15 PM Tom Siems Chief Economist, Conference of State Bank Supervisors

3:15 PM

Break 3:15 -3:30 PM

3:30 PM

Emerging State Legislative Issues and Supervisory Implications 3:30 -4:30 PM Miranda Bray Deputy Director, Consumer Credit Division, Indiana Department of Financial Institutions Jake Hamilton Regulatory Innovation Officer, Illinois Department of Financial and Professional Regulation Terry McMahon Senior Assistant Deputy Superintendent, New York Department of Financial Services

Amy Patterson Deputy General Counsel, Georgia Department of Banking and Finance Sabrina Bergen (Moderator) Chief of Staff, Policy & Supervision, Conference of State Bank Supervisors Networking Reception | Dover & Dover Courtyard, Lobby Level 5:30 -7:30 PM

5:30 PM

Tuesday, September 16 7:30 AM

Registration | Phoenix Ballroom Foyer 7:30 -5:00 PM

8:00 AM

Breakfast | Phoenix North 8:00 -9:00 AM

9:00 AM

Legal Track: Payments & Fintech: Navigating the Ups and Downs of a Rapidly Evolving Space | Phoenix Central

9:00 -10:00 AM Rich Mumford Founder & Managing Member, Richard Mumford Consulting LLC

Carla Sanchez-Adams Senior Attorney, National Consumer Law Center

Matt Lambert (Moderator) Deputy General Counsel, Policy, Conference of State Bank Supervisors

Supervision Track: Payments Fraud: Observations from the FDIC | Phoenix South 9:00 – 10:00 AM Lloyd McIntyre Examination Specialist, Cyber Fraud and Financial Crimes section, Federal Deposit Insurance Corporation

10:00 AM

Break 10:00 -10:15 AM

10:15 AM

Legal Track: Docket Review | Phoenix Central 10:15 11:15 AM Andrew Doersam Vice President & Senior Counsel, American Bankers Association

Supervision Track: Examination/Supervisory Processes Update | Phoenix South 10:15 -11:15 AM Mary Beth Quist Senior Vice President, Bank Supervision, Conference of State Bank Supervisors

11:15 AM

Break 11:15 -11:30 AM

11:30 AM

Legal Track: NMLS Policy Update | Phoenix Central 11:30 AM-12:30 PM Marcus Adams Deputy General Counsel, Texas Department of Banking Robert Lamberti Deputy General Counsel, New Hampshire Banking Department Matt Lambert Deputy General Counsel, Policy, Conference of State Bank Supervisors Alejandra Krasnow (Moderator) Senior Director, Product Policy, Conference of State Bank Supervisors Supervision Track: Fireside Chat with FinCEN | Phoenix South 11:30-12:30 PM Jimmy Kirby Deputy Director, Financial Crimes Enforcement Network Mary Beth Quist Senior Vice President, Bank Supervision, Conference of State Bank Supervisors

12:30 PM

District Lunches & Conversations 12:30 PM-2:00 PM

* Please check signs outside of rooms to confirm assignments.

District 1 | DeZavala District 2 | DeWitt District 3 | Phoenix North District 4 | Austin District 5 | Robertson

2:00 PM

Legal Track: The Loan Lifecycle of Fair Lending Risks | Phoenix Central 2:00-3:00 PM Tory Haggerty President, Tuscan Club Consulting

Supervision Track: Dialogue with Federal Partners | Phoenix South 2:00-3:00 PM Suzanne Clair Acting Deputy Director, Division of Risk Management Supervision, Federal Deposit Insurance Corporation Julie Williams Acting Deputy Director, Division of Supervision and Regulation, Federal Reserve Board of Governors

Mary Beth Quist (moderator) Senior Vice President, Bank Supervision, Conference of State Bank Supervisors

3:00 PM

Break 3:00-3:15 PM

3:15 PM

Legal Track: Tokenization and Legal Implications | Phoenix Central 3:15-4:15 PM Robert Nichols General Counsel, Texas Department of Banking

Jeff Sinnott President and Chief Executive Officer, Vantage Bank Texas

Generra Boozer Associate General Counsel, Policy, Conference of State Bank Supervisors

Supervision Track: Emerging Risks & Trends in Cloud Computing and Security | Phoenix South 3:15-4:15 PM Jonathan Nguyen Principal Security Solutions Architect, FSI Security & Compliance, Amazon Web Services

4:15 PM

Legal Track: Open Forum | Phoenix Central 4:15 -5:00 PM Supervision Track: Open Forum | Phoenix South 4:15 -5:00 PM

Wednesday, September 17 7:30 AM

Registration and Information Desk | Phoenix Ballroom Foyer 7:30-11:00 AM

7:30 AM

Breakfast | Phoenix North 7:30-8:30 AM

8:30 AM

CSBS Bank & Nonbank Policy, Supervision, and Legislative Panel | Phoenix South/Central 8:30-9:30 AM Kevin George Senior Director, Legislative Affairs, Conference of State Bank Supervisors

Nathan Ross Vice President, Policy, Conference of State Bank Supervisors

Tony Vasile Senior Vice President, Nonbank Supervision & Enforcement, Conference of State Bank Supervisors

Sabrina Bergen (Moderator) Chief of Staff, Policy & Supervision, Conference of State Bank Supervisors

9:30 AM

Break 9:30-9:45 AM

9:45 AM

Updates on Legal and Operational Elements of Bank Resolutions and Receiverships | Phoenix South/Central 9:45-10:45 AM Tom Gallagher Chief, Monitoring & Resolution Coordination, Division of Resolutions & Receiverships, Federal Deposit Insurance Corporation Closing Remarks | Phoenix South/Central 10:45-11:00 AM Sebastien Monnet Senior Vice President, Workforce Development & Deputy Chief Learning Officer, Conference of State Bank Supervisors

10:45 AM

Internal Use Only #

September 15-17, 2025 | Austin, Texas Regulatory Summit * Indicates session speaker

ATTENDEES Alabama State Banking Department Caver, Jay

jay.caver@banking.alabama.gov anne.gunter@banking.alabama.gov eric.wilson@banking.alabama.gov

Gunter, Anne Wilson, Eric

Arizona Department of Insurance and Financial Institutions Ousounov, Deian

deian.ousounov@difi.az.gov

Arkansas State Bank Department Henry, Bob

bhenry@banking.state.ar.us eroberts@banking.state.ar.us

Roberts, Eric

Colorado Department of Regulatory Agencies - Division of Banking Hunter, Kara

kara.hunter@state.co.us allison.rothermel@state.co.us

Rothermel, Allison

Connecticut Department of Banking Serrano, Stacey

stacey.serrano@ct.gov

Delaware Office of the State Bank Commissioner Collison, Lisa

Lisa.Collison@delaware.gov carrie.garey@delaware.gov christopherL.Hall@delaware.gov

Garey, Carrie

Hall, Chris

Georgia Department of Banking & Finance Ensminger, Heather

hensminger@dbf.state.ga.us apatterson@dbf.state.ga.us msneed@dbf.state.ga.us

*Patterson, Amy Sneed, Melissa

Hawaii Department of Commerce and Consumer Affairs - Financial Institutions Kim, Andrew

andrew.i.kim@hawaii.gov hmewha@dcca.hawaii.gov james.c.paige@hawaii.gov

Mewha, Harley

Paige, Jay

Illinois Department of Financial & Professional Regulation *Hamilton, Jake

jacob.hamilton@illinois.gov jayesh.hines-shah@illinois.gov Louis.Klapp@Illinois.gov

Hines-Shah, Jay

Klapp, Louis

Indiana Department of Financial Institutions *Bray, Miranda

Mbray2@dfi.in.gov

Iowa Division of Banking Christensen, Craig

Craig.Christensen@idob.state.ia.us kara.garman@idob.state.ia.us Shauna.Shields@idob.state.ia.us

Garman, Kara Shields, Shauna

Kansas Office of the State Bank Commissioner Morrell, Dylan

Dylan.Morrell@osbckansas.org

Louisiana Office of Financial Institutions Kirkland, Christine

ckirkland@ofi.la.gov

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Maine Bureau of Financial Institutions Barr, John

john.a.barr@maine.gov chase.hewitt@maine.gov

Hewitt, Chase

McLaughlin, Andrea

Andrea.McLaughlin@maine.gov

Maryland Department of Labor - Office of Financial Regulation Hanson, Emily

emily.hanson@maryland.gov

Massachusetts Division of Banks Barrett, Jim

james.a.barrett@mass.gov

Michigan Department of Insurance & Financial Services Sullivan, Joseph

sullivanj15@michigan.gov ThompsonL2@michigan.gov yednockr@michigan.gov

Thompson, Lisa Yednock, Ross

Minnesota Department of Commerce Hastie, Mark

mark.hastie@state.mn.us terri.thorson@state.mn.us

Thorson, Terri

Mississippi Department of Banking & Consumer Finance Rogers, Stephanie

stephanie.rogers@dbcf.ms.gov nicky.shelton@dbcf.ms.gov erik.smith@dbcf.ms.gov Granville.TateIII@dbcf.ms.gov perryanne.thimmes@dbcf.ms.gov bridgette.wiggins@dbcf.ms.gov

Shelton, Nicky

Smith, Erik

Tate, Granville

Thimmes, Perry Anne Wiggins, Bridgette

Missouri Division of Finance Gallaher, Jamie

james.gallaher@dof.mo.gov bart.stanley@dof.mo.gov

Stanley, Bart

Montana Department of Administration - Division of Banking & Financial Institutions Carpenter, Zach

zach.carpenter@mt.gov tpeltomaa@mt.gov

Peltomaa, Tammy

Nebraska Department of Banking and Finance Bailar, Darcy

darcy.bailar@nebraska.gov william.lawrence@nebraska.gov

Lawrence, William

Nevada Department of Business & Industry - Division of Mortgage Lending Sheehy, Cathy

csheehy@mld.nv.gov

New Hampshire Banking Department Kallipolites, Jessica

jessica.f.kallipolites@banking.nh.gov robert.j.lamberti@banking.nh.gov margaret.t.tetu@banking.nh.gov

*Lamberti, Robert Tetu, Margaret

New York State Department of Financial Services Atwell, Mike

michael.atwell@dfs.ny.gov samantha.darche@dfs.ny.gov matthew.fagan@dfs.ny.gov terry.mcmahon@dfs.ny.gov john.rotondi@dfs.ny.gov

Darche, Sam Fagan, Matt

*McMahon, Terry

Rotondi, John

Internal Use Only #

North Carolina Office of Commissioner of Banks Crowder, James

jcrowder@nccob.gov estandrews@nccob.gov sthomas@nccob.gov

St. Andrews, Eugene

Thomas, Sidney

North Dakota Department of Financial Institutions Murtha, Jan

jjkmurtha@nd.gov rrspah@nd.gov

Spah, Ryan

Ohio Division of Financial Institutions Coady, John

John.Coady@com.ohio.gov

Oklahoma Banking Department Gilbert, Dudley

dudley.gilbert@banking.ok.gov

Oregon Division of Financial Regulation Anderson, Kirsten

kirsten.l.anderson@dcbs.oregon.gov alex.cheng@dcbs.oregon.gov stephen.gordon@dcbs.oregon.gov

Cheng, Alex Gordon, Steve

South Carolina State Board of Financial Institutions - Banking Division Bickham, Kathy

kathy.bickham@banking.sc.gov janeen.hughes@banking.sc.gov

Hughes, Janeen

South Dakota Department of Labor & Regulation - Division of Banking Dummer, Mike

michael.dummer@state.sd.us brock.jensen@state.sd.us

Jensen, Brock

Tennessee Department of Financial Institutions Branch, Sarah

Sarah.Branch@tn.gov Troy.McPeak@tn.gov

McPeak, Troy

Texas Department of Banking Cannon, Jamie

jamie.cannon@dob.texas.gov bill.davis@dob.texas.gov melissa.dvoracek@dob.texas.gov jesse.moore@dob.texas.gov Robert.Nichols@dob.texas.gov david.reed@dob.texas.gov lea.saunders@dob.texas.gov

Davis, Bill

Dvoracek, Melissa Moore, Jesse Nichols, Robert

Reed, David Saunders, Lea

Texas Department of Savings & Mortgage Lending Berry, Iain

iberry@sml.texas.gov emeier@sml.texas.gov wpurce@sml.texas.gov

Meier, Ellena Purce, William

Washington Department of Financial Institutions Mann, Corrie Wisconsin Department of Financial Institutions Michels, Tara

corrie.mann@dfi.wa.gov

tara.michels@dfi.wisconsin.gov

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SPEAKERS Amazon Web Services Nguyen, Jonathan

tamg@amazon.com

American Bankers Association Doersam, Andrew

adoersam@aba.com

Federal Deposit Insurance Corporation Clair, Suzanne

SClair@FDIC.gov pechols@fdic.gov tgallagher@fdic.gov lmcintyre@fdic.gov

Echols, Patrice Gallagher, Tom McIntyre, Lloyd

Federal Reserve Board of Governors Williams, Julie Financial Crimes Enforcement Network Kirby, Jim

julie.a.williams@frb.gov

jimmy.kirby@fincen.gov

FinRegLab Cochran, Kelly

kelly.cochran@finreglab.org

National Consumer Law Center Sanchez-Adams, Carla Richard Mumford Consulting LLC Mumford, Rich Texas Department of Banking *Cooper, Charles

csanchezadams@nclc.org

rich@richardmumfordconsultingllc.com

charles.cooper@dob.texas.gov Marcus.Adams@dob.texas.gov

Adams, Marcus

Tuscan Club Consulting Haggerty, Tory

tory@tcconsulting.us

Vantage Bank Texas Sinnott, Jeff

Jeff.Sinnott@Vantage.Bank

CSBS STAFF Office of the President Milhorn, Brandon

bmilhorn@csbs.org

Office of the General Counsel *Boozer, Generra

gboozer@csbs.org mlambert@csbs.org

*Lambert, Matt

Policy & Supervision *Bergen, Sabrina *George, Kevin *Pfaff, Mary *Quist, Mary Beth *Ross, Nathan *Thomas, Kyle

sbergen@csbs.org kgeorge@csbs.org mpfaff@csbs.org mbquist@csbs.org nross@csbs.org kthomas@csbs.org tvasile@csbs.org

*Vasile, Tony

Internal Use Only #

CSBS STAFF continued …

Products & Solutions Bjorn, Janine

jbjorn@csbs.org dbleicken@csbs.org akrasnow@csbs.org rmadison@csbs.org tsiems@csbs.org

Bleicken, David

*Krasnow, Alejandra

Madison, Rich *Siems, Tom

Accreditation & Workforce Development Jarmin, Jennifer

jjarmin@csbs.org smonnet@csbs.org

*Monnet, Sebastien

Speaker Biographies Internal Use Only

Marcus Adams Marcus Adams has been with the Texas Department of Banking since 2017. He was named the Deputy General Counsel in 2021. Marcus’s involvement in the supervision of the Department’s licensed entities includes providing legal counsel, conducting enforcement actions, and leading legislative and rulemaking efforts. Marcus currently serves on the SRR Lawyers Committee. Marcus holds a bachelor’s degree from Christopher Newport University and a Juris Doctor from the Paul M. Hebert Law Center at Louisiana State University. Charles G. Cooper Charles G. Cooper was appointed Texas Banking Commissioner by the Texas Finance Commission on December 1, 2008. His career in the banking industry spans almost 50 years and includes senior level positions in both the public and private sectors. As Texas Banking Commissioner, his responsibilities include the chartering, regulation, supervision, and examination of 214 Texas state - chartered banks (as of March 31, 2024) with aggregate assets of approximately $431.1 billion. In addition, the Departmen t supervises trust companies, foreign bank agencies and branches, prepaid funeral licensees, money service businesses, and perpetual care cemeteries. He has served in various positions with the Conference of State Bank Supervisors (CSBS). He was elected Ch airman in 2016 and currently serves as Chairman Emeritus. He served two terms as the state banking representative on the Financial Stability Oversight Council (FSOC) from 2018 to 2022. In May 2023, Mr. Cooper was appointed Chairman of the State Liaison Com mittee (SLC), and on May 1, 2024, he was re -elected to serve another one- year term. This position serves as a voting member of the Federal Financial Institutions Examination Council (FFIEC). He also serves as the state representative on the Financial and Banking Information Infrastructure Committee (FBIIC) and is heavily involved in promoting cybersecurity efforts in the financial sector. Mr. Cooper began his career in banking in 1970 with the Federal Deposit Insurance Corporation in the Dallas Region. In his 12 years within the public sector, he served in various capacities, including, examiner, review examiner and then field office supervisor of the Houston Northeast Field Office. He made the transition to the private sector in 1982 and since then has served as a banking executive, board member, educator, and professional consultant to the industry. His financial services experience includes executive level positions associated with lending, credit administration, asset/liability management and general bank operations. A native Texan, Mr. Cooper holds a BBA degree in Finance and Economics from Baylor University and is also a graduate of the Southwestern Graduate School of Banking at SMU. He also received an advanced peace officer certification. He has been on the board o f the Fort Worth Stock Show Syndicate since 1990. He is married and has two daughters and one granddaughter. Kelly Thompson Cochran Prior to joining FinRegLab , Kelly served as the Assistant Director for Regulations at the Consumer Financial Protection Bureau from 2012 to 2019, where she oversaw rulemaking, guidance, and regulatory implementation activities under various federal consumer financial laws. Kelly pr eviously worked at the U.S. Treasury Department, the Office of the Comptroller of the Currency, and at a top 50 law firm, where she advised financial institutions on a wide range of legal and regulatory matters. She also conducted research on financial services innovation at the University of North Carolina at Chapel Hill. She currently serves on the Conference of State Bank Supervisors’ Advisory Committee on Artificial Intelligence.

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Andrew Doersam Andrew Doersam is Vice President and Senior Counsel at the American Bankers Association, where he manages the association’s regulatory litigation and amicus outreach program. In this role, he oversees the ABA’s involvement in high- impact cases affecting the banking industry and provides counsel on a wide range of banking law and corporate governance matters. In addition to his work at the ABA, Andrew serves as Vice Chair of the Retail and Consumer Banking Subcommittee of the American Bar Association’s Banking Law Committee. Andrew brings deep expertise in legal strategy, advocacy, and industry engagement. Tom Gallagher Thomas (Tom) Gallagher has been the Chief in the Resolution Strategy Branch of the Division of Resolutions and Receiverships (DRR) at the FDIC in Chicago, IL, since 2015. Tom has 34 years of experience with the FDIC. He started his career as a Bank Examiner in New Hampshire before transferring to New York City. Later, he joined the New York Regional Office as a Case Manager where he oversaw a portfolio of problem or compl ex banks. In 2011, Tom joined DRR as a Regional Analyst where he monitored and planned for the resolution of large, complex financial institutions. Tom is responsible for managing, directing and coordinating DRR - related activity for failing or failed institutions in the Chicago Region during the pre- resolution monitoring, closing, and post -closing phases. The Chicago Region includes the following states: Illinois, Indiana, Kentucky, Michigan, Ohio, and Wisconsin. Tom graduated with a Bachelor’s Degree in Business Administration from Boston College, Chestnut Hill, Massachusetts. He is also a graduate of the ABA Stonier Graduate School of Banking and the Executive Potential Program at the Center for Leadership and Management at the Graduate School, USA. Tory Haggerty Tory Haggerty has served nearly two decades in the banking industry as a commissioned bank examiner, compliance officer, and now professional consultant where he has been a part of more than 500 exams and audit projects. His company Tuscan Club Consulting has provided banking compliance services to more than 80 organizations across the country. His Fair Lending School and Fair Lending Expert (FLE) certification programs have provided in- depth fair lending education to hundreds of compliance professionals. Tory is also a multi best -selling author, instructor at the Graduate School of Banking, and a TEDx speaker where he shares his fair lending knowledge and passion with the industry. He has earned three college degrees, six industry certifications, and is a retired military officer with 20 years of honorable Air Force service. Jimmy Kirby Jimmy Kirby is the Deputy Director of the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). FinCEN’s mission is to safeguard the financial system from illicit activity, counter money laundering and the financing of terrorism, and promote national security through strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence. Prior to assuming his current role, Mr. Kirby served as the Associate Director of the Intelligence Division (now the Research and Analysis Division) and as FinCEN’s Chief Counsel. Mr. Kirby also held several roles in Treasury’s Office of General Counsel, including Acting Deputy Assistant General Counsel for Enforcement and Intelligence, Senior Advisor to the General Counsel, and Attorney Advisor and Senior Counsel in the Office of the Chief Counsel (Foreign Assets Control). Mr. Kirby has extensive experience leading FinCEN efforts across a range of priority

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matters, including overseeing efforts to implement the Anti - Money Laundering Act of 2020 and the beneficial ownership information provisions of the Corporate Transparency Act. Mr. Kirby’s current and prior roles have also given him broad experience with is sues involving Treasury’s Office of Terrorism and Financial Intelligence, particularly with matters involving FinCEN and the Office of Foreign Assets Control. Prior to joining the Treasury Department, Mr. Kirby was an associate at a large international law firm based in Washington, D.C. He is a graduate of the University of Texas School of Law, where he was a member of the Texas Law Review, and he clerked for th e Honorable Judge Barefoot Sanders of the U.S. District Court for the Northern District of Texas in Dallas. He also holds an LLM in Public International Law from University College London. Robert Lamberti Bob Lamberti has worked as an attorney with the State of New Hampshire since 2013 and has been with the New Hampshire Banking Department since 2021. He currently serves as its Deputy General Counsel and helps manage the Department’s legal staff in all fac ets of the Department’s work in the supervision of both consumer credit entities and chartered institutions. He welcomes any chance to collaborate with CSBS and other states in furtherance of that goal. Born and raised in New Hampshire, Bob is a graduate of the University of New Hampshire School of Law and takes pride in serving the State he has called home his whole life. Lloyd McIntyre Mr. McIntyre is an Examination Specialist (Fraud) in the FDIC Cyber Fraud and Financial Crimes Section. He focuses on fraud intelligence, examiner training and support, and check fraud. His 30 plus years of experience also includes bank supervision and management roles as an Examiner, Supervisory Examiner, Senior Policy Analyst, and Acting Chief. Mr. McIntyre has led and instructed fraud, leadership, and bank supervision courses at ASBA, FDIC, FFIEC, FinCEN, IADI, and numerous other organizations. He is a graduate of West Virginia University, Morgantown, West Virginia, with a Bachelor of Arts degree in Economics, and the Southwestern Graduate School of Banking at Southern Methodist University, Dallas, Texas. He is an ACFE Certified Fraud Examiner and an ACAMS Certified Anti -Fraud Specialist. Mr. McIntyre has been actively involved in youth soccer as an administrator, coach, and referee for over 25 years. In 2020, he founded a non- profit soccer academy focused on reaching vulnerable kids and creating a positive play environment. His work has been recognized with the FDIC Nancy K. Rector Public Service Award in 2003 and as the United States Youth Soccer Girls Recreational Coach of the Year in 2023. Rich Mumford Rich is a financial services regulatory consultant based in Atlanta, Georgia, operating since 2021 as both an independent consultant and as an independent advisor for a global consulting firm. His clients range from large and systemically important US and foreign organizations to start - up and de novo entities, including fintech and digital asset ecosystem players. For the two years immediately prior to launching his consulting business, Rich was the Acting Director of the New Jersey Division of Banking, with overall responsibility for the supervision of New Jersey chartered banks and trust companies, as well as numerous non-bank licensees. In the 25 years prior to leading the Division of Banking, Rich held senior executive positions at UBS AG and Merrill Lynch, including as the Head of Bank Legal in the UBS Americas Region and a member of the UBS Americas Risk Committee, and at Merrill Lynch as general counsel to their two state-chartered FDIC-insured depositories. Rich earned a B.A. at Duke University, and a JD at Georgetown University Law Center.

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Jonathan Nguyen Jonathan Nguyen is a Principal Security Architect at AWS.

He has expertise across multiple technical security domains and focuses on helping Financial Services customers understand and implement security and compliance requirements at scale within AWS. He has an extensive consulting background, which has helped him guide customers from theory to practice. When he is not working security and compliance, he is spending time traveling across the globe and being outdoors with his family. Thomas Siems Thomas Siems is Chief Economist at the Conference of State Bank Supervisors (CSBS) in Washington, DC. Thomas joined CSBS in 2019 after serving 34 years at the Federal Reserve Bank of Dallas and 20+ years teaching at Southern Methodist University. Dr. Siems earned a BSE in industrial and operations engineering from the University of Michigan and MS and PhD degrees in operations research from Southern Methodist University. Thomas is also a 1991 graduate of the Graduate School of Banking at Colorado. More recently, in 2022, Siems was awarded the degree of Master of Biblical and Theological Studies from Dallas Theological Seminary, and in 2024 earned a Doctor of Ministry in Theology and Apologetics from Liberty University. Since he cannot seem to get enough educ ation, Siems is now taking classes toward a doctorate in public policy. Dr. Siems’ current research interests are examining the impact of regulatory compliance costs on community banks and using surveys of community bankers to better understand the risks and opportunities for community banks. At CSBS, Siems is responsible for evaluating the results of the organization’s quarterly Community Bank Sentiment Index. Thomas teaches “Economics for Bankers” at the Graduate School of Banking at Colorado and has published more than 75 articles in academic, Federal Reserve, and refereed journals. He delivered a 2015 TEDxSMU Talk, “The Wealth of Innovations,” and has authored five children’s picture books, including The Dangerous Pet, which poetically helps readers understand the dangers of debt. When not researching the intricacies of the U.S. financial system, Dr. Siems can be found on a golf course or playing with one of his seven grandchildren or walking his dog Nitro. Carla Sanchez-Adams Carla Sanchez- Adams is a senior attorney at the National Consumer Law Center (NCLC) focusing on emerging issues in banking and payment systems, fintech, and high - cost lending. Carla is board certified by the Texas Board of Legal Specialization in Consumer and Commercial Law, is a board member for the National Association of Consumer Advocates (NACA), and a Fellow of the American Bar Foundation. She serves as a Member of the American Bar Association’s Commission on Domestic and Sexual Violence and the Texas State Bar’s Consumer and Commercial Law Section’s Council. She is a co- author of NCLC’s Consumer Banking and Payments Law treatise. Prior to joining NCLC, Carla was a managing attorney with Texas RioGrande Legal Aid, Inc., assisting low -income Texans on issues related to debt collection, credit reporting, auto fraud, debt management, and other consumer -related disputes. She led a team of advocates who utilized a holistic approach to achieving economic security for victims of crime, including survivors of family violence, sexual assault, and human trafficking. Kyle Thomas Kyle Thomas works to promote and strengthen state financial regulators through his role as Senior Advisor for Policy and Innovation at the Conference of State Bank Supervisors. In this role, he provides thought leadership for

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the organization and its members around financial regulatory policy and the growing role of innovative technologies in financial services. Kyle worked in and regulated community banks before joining CSBS in 2010. Early at CSBS, he led an effort to create a nationwide team of regulators who focused on identifying and monitoring risks to the financial system. He also served as a frequent instructor for state and federal examiners and led an interagency effort to develop new examination technologies. Before rejoining CSBS in 2024, Kyle led the regulatory industry practice at Appian, a Virginia -based technology services firm. Now back at CSBS, Kyle advances the missions of state regulators by promoting their policy objectives and supporting their adopti on of new regulatory technologies. Kyle is a graduate of the University of Northern Iowa, holds a master’s degree from the Darla Moore School of Business of the University of South Carolina and is an alumnus of the Graduate School of Banking at Colorado. Julie A. Williams Julie A. Williams is Executive Vice President responsible for Supervision and Regulation at the Federal Reserve Bank of Chicago. She directs the supervision and regulation of banking organizations of various size and complexity, including bank holding companies, state-chartered member banks, bank and savings and loan holding companies, financial holding companies and U.S. foreign bank branches within the Seventh Federal Reserve District. Julie is involved in multiple Federal Reserve System initiatives and s erves as a member on System leadership groups that provide input on strategic and policy issues related to supervision and significant supervisory matters. Williams is currently on a temporary assignment with the Federal Reserve Board of Governors’ Division of Supervision & Regulation serving as the acting officer responsible for community and regional bank supervision as well as data collections, reporting, and governance. In this role, Julie directly oversees the execution of the supervisory programs for institutions with assets below $100 billion by the twelve Federal Reserve Banks, contributes to the leadership of the Board's Division of Supervision and R egulation, and supports the priorities and information needs of the Vice Chair of Supervision and other members of the Board of Governors. Prior to becoming Executive Vice President, Julie was Senior Vice President in charge of the Large, Specialized and Regional division within the Supervision and Regulation department which includes the district’s largest bank holding companies, foreign ban king organizations, savings and loan holding companies and financial market utilities. Julie began her career at the Federal Reserve Bank of Chicago as the manager of the Bank Secrecy/Anti -Money Laundering Examination team. During her tenure at the Federal Reserve Bank of Chicago, Julie also served as Senior Vice President in charge of the C ommunity Banking Organizations and Consumer Compliance division, Vice President of the Consumer Compliance division and Assistant Vice President directing examiner teams responsible for safety and soundness, foreign banking organization supervision, and co untry analyses. Prior to joining the Federal Reserve Bank of Chicago, Julie worked as an associate with the bank consulting firm of Regulatory Compliance Associates, Inc. (REGCOM), served as a National Bank Examiner with the Office of the Comptroller of the Currency (OCC), and held various positions within a regional financial institution including Loan Officer, Commercial Credit Analyst, and Marketing Director.

Williams holds an M.B.A. from Governors State University in Illinois.

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“It ain’t over till it’s over” A Yogi Berra 2025 Economic Update Thomas F. Siems, PhD, CSBS Chief Economist

CSBS Regulatory Summit Austin, Texas September 15, 2025

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

dŚĞ ϮϬϮϱ ĐŽŶŽŵŝĐ hƉĚĂƚĞ • ĐŽŶŽŵŝĐ ,ĞĂĚǁŝŶĚƐͬ dĂŝůǁŝŶĚƐͬ ƌŽƐƐǁŝŶĚƐ • ĂƚĂ ZĞǀŝƐŝŽŶƐ͗ tŚĂƚ͛ Ɛ 'ŽŝŶŐ KŶ͍ • /Ɛ ƚŚĞ &ĞĚ͛ Ɛ ƵĂů DĂŶĚĂƚĞ ŝŶ Ă ƵĞů͍ • ^ ^ ZĞƐĞĂƌĐŚ ^ŚŽǁƐ ^ŵĂůůĞƌ ĂŶŬƐ ŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůLJ ƵƌĚĞŶĞĚ ďLJ ZĞŐƵůĂƚŝŽŶƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ͞

zŽƵ ĐĂŶ ŽďƐĞƌǀĞ Ă ůŽƚ ũƵƐƚ ďLJ ǁĂƚĐŚŝŶŐ͘͟ ͲͲͲ zŽŐŝ ĞƌƌĂ KZ ϮϬϮϱ ĐŽŶŽŵŝĐ ,ĞĂĚǁŝŶĚƐ͕ dĂŝůǁŝŶĚƐ͕ ĂŶĚ ƌŽƐƐǁŝŶĚƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

,ĞĂĚǁŝŶĚƐ • dƌĂĚĞ dĞŶƐŝŽŶƐ • /ŶĨůĂƚŝŽŶ • /ŶƚĞƌĞƐƚ ZĂƚĞƐ • >ĂďŽƌ &ŽƌĐĞ 'ƌŽǁƚŚ • ůĞĐƚƌŝĐŝƚLJ WƌŝĐĞƐ • >ŽĂŶ ĞůŝŶƋƵĞŶĐŝĞƐ • / ;ĞŵƉůŽLJŵĞŶƚͿ • &ĞĚĞƌĂů Ğďƚ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

,ĞĂĚǁŝŶĚƐ • dƌĂĚĞ dĞŶƐŝŽŶƐ • /ŶĨůĂƚŝŽŶ • /ŶƚĞƌĞƐƚ ZĂƚĞƐ • >ĂďŽƌ &ŽƌĐĞ 'ƌŽǁƚŚ • ůĞĐƚƌŝĐŝƚLJ WƌŝĐĞƐ • >ŽĂŶ ĞůŝŶƋƵĞŶĐŝĞƐ • / ;ĞŵƉůŽLJŵĞŶƚͿ • &ĞĚĞƌĂů Ğďƚ

dĂŝůǁŝŶĚƐ • dƌĂĚĞ ŐƌĞĞŵĞŶƚƐ • ĐŽŶŽŵŝĐ ZĞƐŝůŝĞŶĐĞ • ZĞŐƵůĂƚŽƌLJ ĂƐŝŶŐ • >Žǁ hŶĞŵƉůŽLJŵĞŶƚ • Kŝů WƌŝĐĞƐ • WƌŽŵŝƐĞĚ /ŶǀĞƐƚŵĞŶƚ • / ;ƉƌŽĚƵĐƚŝǀŝƚLJͿ • ^ƚƌŽŶŐ ŽƌƉ ĂƌŶŝŶŐƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

,ĞĂĚǁŝŶĚƐ • dƌĂĚĞ dĞŶƐŝŽŶƐ • /ŶĨůĂƚŝŽŶ • /ŶƚĞƌĞƐƚ ZĂƚĞƐ • >ĂďŽƌ &ŽƌĐĞ 'ƌŽǁƚŚ • ůĞĐƚƌŝĐŝƚLJ WƌŝĐĞƐ • >ŽĂŶ ĞůŝŶƋƵĞŶĐŝĞƐ • / ;ĞŵƉůŽLJŵĞŶƚͿ • &ĞĚĞƌĂů Ğďƚ

dĂŝůǁŝŶĚƐ • dƌĂĚĞ ŐƌĞĞŵĞŶƚƐ • ĐŽŶŽŵŝĐ ZĞƐŝůŝĞŶĐĞ • ZĞŐƵůĂƚŽƌLJ ĂƐŝŶŐ • >Žǁ hŶĞŵƉůŽLJŵĞŶƚ • Kŝů WƌŝĐĞƐ • WƌŽŵŝƐĞĚ /ŶǀĞƐƚŵĞŶƚ • / ;ƉƌŽĚƵĐƚŝǀŝƚLJͿ • ^ƚƌŽŶŐ ŽƌƉ ĂƌŶŝŶŐƐ

ƌŽƐƐǁŝŶĚƐ • dƌĂĚĞ KƵƚĐŽŵĞƐ • /ŵŵŝŐƌĂƚŝŽŶ • 'ĞŽƉŽůŝƚŝĐƐ • K /ŵƉĂĐƚƐ • DŽŶĞƚĂƌLJ WŽůŝĐLJ • ĂƚĂ hŶĐĞƌƚĂŝŶƚLJ • ,ŽƵƐŝŶŐ • ^ĞŶƚŝŵĞŶƚ /ŶĚŝĐĞƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

ŝŐ ^ǁŝŶŐƐ ŝŶ EĞƚ džƉŽƌƚƐ ĂŶĚ /ŶǀĞŶƚŽƌŝĞƐ ŝŶ ϮϬϮϱ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

ŝŐ ^ǁŝŶŐƐ ŝŶ EĞƚ džƉŽƌƚƐ ĂŶĚ /ŶǀĞŶƚŽƌŝĞƐ ŝŶ ϮϬϮϱ

' W с н / н ' н ;y ʹ DͿ ϭϬϬй с ϲϴй н ϭϴй н ϭϳй н ;ϯйͿ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

ůĞĐƚƌŝĐŝƚLJ WƌŝĐĞƐ hƉ ϲ͘ Ϯй zKz ĂŶĚ ϰ͘ ϴйͬ zĞĂƌ KǀĞƌ ϯ zĞĂƌƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

'ĂƐŽůŝŶĞ WƌŝĐĞƐ ŽǁŶ ϳ͘ ϲй zKz ĂŶĚ ϳ͘ ϰйͬ zĞĂƌ KǀĞƌ ϯ zĞĂƌƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ͞

DƵůƚŝƉůĞ ŽƚŚĞƌ ďƵƐŝŶĞƐƐ ĐŽŶƚĂĐƚƐ ƌĞƉŽƌƚĞĚ ŝŶĐƌĞĂƐĞĚ ƵƐĞ ŽĨ ĂƌƚŝĨŝĐŝĂů ŝŶƚĞůůŝŐĞŶĐĞ ; /Ϳ͕ ǁŝƚŚ ŽŶĞ ĐŽŶƚĂĐƚ ƐĂLJŝŶŐ / ƌĞƉůĂĐĞĚ ƐŽŵĞ ĐĂůů ĐĞŶƚĞƌ ĞŵƉůŽLJĞĞƐ͕ ĂŶĚ ĂŶŽƚŚĞƌ ĐŽŶƚĂĐƚ ŶŽƚŝŶŐ ŚŽǁ / ůĞĚ ƚŽ Ă ƌĞĚƵĐƚŝŽŶ ŝŶ ĂĐĐŽƵŶƚŝŶŐ ũŽďƐ͘͟͞ ŐƌŽǁŝŶŐ ŶƵŵďĞƌ ŽĨ ĞŵƉůŽLJĞƌƐ͕ ĂĐƌŽƐƐ ĚŝǀĞƌƐĞ ŝŶĚƵƐƚƌŝĞƐ͕ ƐŽƵŐŚƚ ƚŽ ŝŶĐƌĞĂƐĞ ůĂďŽƌ ƉƌŽĚƵĐƚŝǀŝƚLJ ƵƐŝŶŐ / ĂŶĚ ŽƚŚĞƌ ƚĞĐŚŶŽůŽŐŝĞƐ͕ ƌĞĚƵĐŝŶŐ ƚŚĞ ŶĞĞĚ ĨŽƌ ŚŝƌŝŶŐ͘͟͞ ^ŽŵĞ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ŶŽƚĞĚ ƵƚŝůŝnjŝŶŐ ĂƌƚŝĨŝĐŝĂů ŝŶƚĞůůŝŐĞŶĐĞ ; /Ϳ ƚŽ ŝŵƉƌŽǀĞ ĞĨĨŝĐŝĞŶĐLJ ĂŶĚ ŚĞůƉ ĐƵƚ ĐŽƐƚƐ͘ dŚĞLJ ŶŽƚĞĚ ǀĂƌŝŽƵƐ / ƵƐĞ ĐĂƐĞƐ ƐƵĐŚ ĂƐ ƉĞƌĨŽƌŵŝŶŐ ŚƵŵĂŶ ƌĞƐŽƵƌĐĞƐ ƚĂƐŬƐ͕ ĐŽŶĚƵĐƚŝŶŐ ƌĞƐĞĂƌĐŚ͕ ĂŶĂůLJnjŝŶŐ ĚĂƚĂ͕ ƚĂŬŝŶŐ ŶŽƚĞƐ͕ ĂŶĚ ƉƌŽŽĨŝŶŐ ĚŽĐƵŵĞŶƚƐ͘͟ /Ɛ / ŚĂƌŵŝŶŐ ůĂďŽƌ ďƵƚ ƐƚŝŶŐ ƉƌŽĚƵĐƚŝǀŝƚLJ͍

^ŽƵƌĐĞ͗ &ĞĚĞƌĂů ZĞƐĞƌǀĞ ĞŝŐĞ ŽŽŬ ZĞƉŽƌƚ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

^ŽƵƌĐĞ͗ ^ŽƵƚŚ^ƚĂƚĞ ĂŶŬ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

Community Banker and Consumer Sentiment Diverging Since Mid-2024

110

140

CSBS Community Banker Sentiment

130

100

120

90

110

100

80

90

70

80

70

60

60

50

Consumer Sentiment Index (1966Q1 = 100)

University of Michigan Consumer Sentiment

50

Community Bank Sentiment Index (100 = Neutral Level)

40

40

Jun-19

Jun-20

Jun-21

Jun-22

Jun-23

Jun-24

Jun-25

Mar-20

Mar-21

Mar-22

Mar-23

Mar-24

Mar-25

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23

Sep-24

Dec-19

Dec-20

Dec-21

Dec-22

Dec-23

Dec-24

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

^ŝdž ŽĨ ^ĞǀĞŶ ^/ ŽŵƉŽŶĞŶƚƐ /ŶĚŝĐĂƚĞ WŽƐŝƚŝǀĞ ^ĞŶƚŝŵĞŶƚ ;х ϭϬϬͿ͖ &ƵƚƵƌĞ ƵƐŝŶĞƐƐ ŽŶĚŝƚŝŽŶƐ ^ŝŐŶĂůƐ tĞĂŬŶĞƐƐ

ϭϴϬ

ϭϲϭ

ϭϲϬ

ϭϰϱ

ϭϯϮ ϭϮϴ

ϭϰϬ

ϭϮϲ

ϭϭϰ ϭϭϰ

ϭϮϬ

ϭϬϬ

ϵϭ

ϴϬ

ϲϬ

ϰϬ хϭϬϬсWŽƐŝƚǀĞ ^ĞŶƚŝŵĞŶƚͿ

ϮϬ

^/ ;ϭϬϬсEĞƵƚƌĂů͖ фϭϬϬсEĞŐĂƚŝǀĞ ^ĞŶƚŝŵĞŶƚ͖

Ϭ

DŽŶĞƚĂƌLJ WŽůŝĐLJ

ZĞŐƵůĂƚŽƌLJ ƵƌĚĞŶ

KƉĞƌĂƚŝŽŶƐ džƉĂŶƐŝŽŶ

ĂƉŝƚĂů ^ƉĞŶĚŝŶŐ

WƌŽĨŝƚĂďŝůŝƚLJ &ƌĂŶĐŚŝƐĞ sĂůƵĞ

^/

ƵƐŝŶĞƐƐ ŽŶĚŝƚŝŽŶƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

^ŽƵƌĐĞ͗ DŽŽĚLJ͛ Ɛ ŶĂůLJƚŝĐƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

^ŽƵƌĐĞ͗ &ĞĚĞƌĂů ZĞƐĞƌǀĞ ĂŶŬ ŽĨ ^ĂŶ &ƌĂŶĐŝƐĐŽ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ͞

dŚĞ ĨƵƚƵƌĞ ĂŝŶ͛ ƚ ǁŚĂƚ ŝƚ ƵƐĞĚ ƚŽ ďĞ͘͟ ͲͲͲ zŽŐŝ ĞƌƌĂ KZ ĂƚĂ ZĞǀŝƐŝŽŶƐ ŝŶ >ĂďŽƌ ZĞƉŽƌƚƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ͞

dŚĞ ĨƵƚƵƌĞ ĂŝŶ͛ ƚ ǁŚĂƚ ŝƚ ƵƐĞĚ ƚŽ ďĞ͘͟ ͲͲͲ zŽŐŝ ĞƌƌĂ KZ ĂƚĂ ZĞǀŝƐŝŽŶƐ ŝŶ >ĂďŽƌ ZĞƉŽƌƚƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

tŚĂƚ͛ Ɛ ĞŚŝŶĚ ƚŚĞ >ĂƌŐĞ ZĞǀŝƐŝŽŶƐ ƚŽ >ĂďŽƌ DĂƌŬĞƚ ĂƚĂ͍ • WƌĞůŝŵŝŶĂƌLJ ĞƐƚŝŵĂƚĞƐ ŚĂǀĞ ůĂƌŐĞ ƐĂŵƉůŝŶŐ ĞƌƌŽƌƐ • /ŶĐŽŵŝŶŐ ĚĂƚĂ ĐŽůůĞĐƚŝŽŶ ŝƐ ƐůŽǁĞƌ • &ĞǁĞƌ ƌĞƐƉŽŶĚĞŶƚƐ ŵĞĂŶ ůĂƌŐĞƌ ĞƌƌŽƌƐ ĂŶĚ ŵŽƌĞ ƵŶĐĞƌƚĂŝŶƚLJ • ^ĞĂƐŽŶĂů ĂĚũƵƐƚŵĞŶƚƐ ĐĂŶ ďĞŶĚ ƚŚĞ ŶƵŵďĞƌƐ • sŽůĂƚŝůĞ ĞĐŽŶŽŵŝĐ ĐŽŶĚŝƚŝŽŶƐ ŽĨƚĞŶ ĂŵƉůŝĨLJ ƌĞǀŝƐŝŽŶƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

,ŽƵƐĞŚŽůĚ ^ƵƌǀĞLJ • ƵƌƌĞŶƚ WŽƉƵůĂƚŝŽŶ ^ƵƌǀĞLJ ; W^Ϳ

ƐƚĂďůŝƐŚŵĞŶƚ ^ƵƌǀĞLJ • ƵƌƌĞŶƚ ŵƉůŽLJŵĞŶƚ ^ƚĂƚŝƐƚŝĐƐ ^ƵƌǀĞLJ ; ^Ϳ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

,ŽƵƐĞŚŽůĚ ^ƵƌǀĞLJ • ƵƌƌĞŶƚ WŽƉƵůĂƚŝŽŶ ^ƵƌǀĞLJ ; W^Ϳ • hƐĞĚ ƚŽ ĐŽŵƉƵƚĞ ƚŚĞ ǀĂƌŝŽƵƐ ƵŶĞŵƉůŽLJŵĞŶƚ ƌĂƚĞƐ

ƐƚĂďůŝƐŚŵĞŶƚ ^ƵƌǀĞLJ • ƵƌƌĞŶƚ ŵƉůŽLJŵĞŶƚ ^ƚĂƚŝƐƚŝĐƐ ^ƵƌǀĞLJ ; ^Ϳ • hƐĞĚ ƚŽ ĐŽŵƉƵƚĞ ĞŵƉůŽLJŵĞŶƚ ŶƵŵďĞƌƐ͕ ŚŽƵƌƐ ǁŽƌŬĞĚ͕ ĂŶĚ ĞĂƌŶŝŶŐƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

,ŽƵƐĞŚŽůĚ ^ƵƌǀĞLJ • ƵƌƌĞŶƚ WŽƉƵůĂƚŝŽŶ ^ƵƌǀĞLJ ; W^Ϳ • hƐĞĚ ƚŽ ĐŽŵƉƵƚĞ ƚŚĞ ǀĂƌŝŽƵƐ ƵŶĞŵƉůŽLJŵĞŶƚ ƌĂƚĞƐ • dĞůůƐ ƵƐ ǁŚŽ ŝƐ ǁŽƌŬŝŶŐ

ƐƚĂďůŝƐŚŵĞŶƚ ^ƵƌǀĞLJ • ƵƌƌĞŶƚ ŵƉůŽLJŵĞŶƚ ^ƚĂƚŝƐƚŝĐƐ ^ƵƌǀĞLJ ; ^Ϳ • hƐĞĚ ƚŽ ĐŽŵƉƵƚĞ ĞŵƉůŽLJŵĞŶƚ ŶƵŵďĞƌƐ͕ ŚŽƵƌƐ ǁŽƌŬĞĚ͕ ĂŶĚ ĞĂƌŶŝŶŐƐ • dĞůůƐ ƵƐ ŚŽǁ ŵĂŶLJ ũŽďƐ ĞdžŝƐƚ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

,ŽƵƐĞŚŽůĚ ^ƵƌǀĞLJ • ƵƌƌĞŶƚ WŽƉƵůĂƚŝŽŶ ^ƵƌǀĞLJ ; W^Ϳ • hƐĞĚ ƚŽ ĐŽŵƉƵƚĞ ƚŚĞ ǀĂƌŝŽƵƐ ƵŶĞŵƉůŽLJŵĞŶƚ ƌĂƚĞƐ • dĞůůƐ ƵƐ ǁŚŽ ŝƐ ǁŽƌŬŝŶŐ • ^ĂŵƉůĞ͗ ΕϲϬ͕ ϬϬϬ ŚŽƵƐĞŚŽůĚƐ • ZĂŶĚŽŵůLJ ƐĞůĞĐƚĞĚ͕ ƐƚƌĂƚŝĨŝĞĚ ƐĂŵƉůĞ ĂĐƌŽƐƐ Ăůů ƐƚĂƚĞƐ

ƐƚĂďůŝƐŚŵĞŶƚ ^ƵƌǀĞLJ • ƵƌƌĞŶƚ ŵƉůŽLJŵĞŶƚ ^ƚĂƚŝƐƚŝĐƐ ^ƵƌǀĞLJ ; ^Ϳ • hƐĞĚ ƚŽ ĐŽŵƉƵƚĞ ĞŵƉůŽLJŵĞŶƚ ŶƵŵďĞƌƐ͕ ŚŽƵƌƐ ǁŽƌŬĞĚ͕ ĂŶĚ ĞĂƌŶŝŶŐƐ • dĞůůƐ ƵƐ ŚŽǁ ŵĂŶLJ ũŽďƐ ĞdžŝƐƚ • ^ĂŵƉůĞ͗ Εϲϱϭ͕ ϬϬϬ ĞƐƚĂďůŝƐŚŵĞŶƚƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

,ŽƵƐĞŚŽůĚ ^ƵƌǀĞLJ • ƵƌƌĞŶƚ WŽƉƵůĂƚŝŽŶ ^ƵƌǀĞLJ ; W^Ϳ • hƐĞĚ ƚŽ ĐŽŵƉƵƚĞ ƚŚĞ ǀĂƌŝŽƵƐ ƵŶĞŵƉůŽLJŵĞŶƚ ƌĂƚĞƐ • dĞůůƐ ƵƐ ǁŚŽ ŝƐ ǁŽƌŬŝŶŐ • ^ĂŵƉůĞ͗ ΕϲϬ͕ ϬϬϬ ŚŽƵƐĞŚŽůĚƐ • ZĂŶĚŽŵůLJ ƐĞůĞĐƚĞĚ͕ ƐƚƌĂƚŝĨŝĞĚ ƐĂŵƉůĞ ĂĐƌŽƐƐ Ăůů ƐƚĂƚĞƐ • dĞůĞƉŚŽŶĞ ƐƵƌǀĞLJ

ƐƚĂďůŝƐŚŵĞŶƚ ^ƵƌǀĞLJ • ƵƌƌĞŶƚ ŵƉůŽLJŵĞŶƚ ^ƚĂƚŝƐƚŝĐƐ ^ƵƌǀĞLJ ; ^Ϳ • hƐĞĚ ƚŽ ĐŽŵƉƵƚĞ ĞŵƉůŽLJŵĞŶƚ ŶƵŵďĞƌƐ͕ ŚŽƵƌƐ ǁŽƌŬĞĚ͕ ĂŶĚ ĞĂƌŶŝŶŐƐ • dĞůůƐ ƵƐ ŚŽǁ ŵĂŶLJ ũŽďƐ ĞdžŝƐƚ • ^ĂŵƉůĞ͗ Εϲϱϭ͕ ϬϬϬ ĞƐƚĂďůŝƐŚŵĞŶƚƐ • ŽůůĞĐƚĞĚ ǀŝĂ ƌĞƉŽƌƚƐ ĨƌŽŵ ĞŵƉůŽLJĞƌƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

,ŽƵƐĞŚŽůĚ ^ƵƌǀĞLJ • ƵƌƌĞŶƚ WŽƉƵůĂƚŝŽŶ ^ƵƌǀĞLJ ; W^Ϳ • hƐĞĚ ƚŽ ĐŽŵƉƵƚĞ ƚŚĞ ǀĂƌŝŽƵƐ ƵŶĞŵƉůŽLJŵĞŶƚ ƌĂƚĞƐ • dĞůůƐ ƵƐ ǁŚŽ ŝƐ ǁŽƌŬŝŶŐ • ^ĂŵƉůĞ͗ ΕϲϬ͕ ϬϬϬ ŚŽƵƐĞŚŽůĚƐ • ZĂŶĚŽŵůLJ ƐĞůĞĐƚĞĚ͕ ƐƚƌĂƚŝĨŝĞĚ ƐĂŵƉůĞ ĂĐƌŽƐƐ Ăůů ƐƚĂƚĞƐ • dĞůĞƉŚŽŶĞ ƐƵƌǀĞLJ • ĂƉƚƵƌĞƐ ǁŚŽ ŝƐ ǁŽƌŬŝŶŐ ǁŝƚŚ ĚĞŵŽŐƌĂƉŚŝĐ ĚĞƚĂŝůƐ ĂŶĚ ũŽď ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ

ƐƚĂďůŝƐŚŵĞŶƚ ^ƵƌǀĞLJ • ƵƌƌĞŶƚ ŵƉůŽLJŵĞŶƚ ^ƚĂƚŝƐƚŝĐƐ ^ƵƌǀĞLJ ; ^Ϳ • hƐĞĚ ƚŽ ĐŽŵƉƵƚĞ ĞŵƉůŽLJŵĞŶƚ ŶƵŵďĞƌƐ͕ ŚŽƵƌƐ ǁŽƌŬĞĚ͕ ĂŶĚ ĞĂƌŶŝŶŐƐ • dĞůůƐ ƵƐ ŚŽǁ ŵĂŶLJ ũŽďƐ ĞdžŝƐƚ • ^ĂŵƉůĞ͗ Εϲϱϭ͕ ϬϬϬ ĞƐƚĂďůŝƐŚŵĞŶƚƐ • ŽůůĞĐƚĞĚ ǀŝĂ ƌĞƉŽƌƚƐ ĨƌŽŵ ĞŵƉůŽLJĞƌƐ • ĂƉƚƵƌĞƐ ƉĂLJƌŽůů ũŽďƐ͕ ŝŶĚƵƐƚƌLJ ĚĞƚĂŝů͕ ĂŶĚ ŚŽƵƌƐ ĂŶĚ ĞĂƌŶŝŶŐƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

ZĞƐƉŽŶƐĞ ZĂƚĞ͗ ,ŽƵƐĞŚŽůĚ ^ƵƌǀĞLJ

ZĞƐƉŽŶƐĞ ZĂƚĞ͗ ƐƚĂďůŝƐŚŵĞŶƚ ^ƵƌǀĞLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

ŽŶĨŝĚĞŶĐĞ /ŶƚĞƌǀĂůƐ EĂƌƌŽǁ ǁŝƚŚ DŽƌĞ ĂƚĂͬ dŝŵĞ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

ƵŐƵƐƚ ϮϬϮϱ WĂLJƌŽůů ŵƉůŽLJŵĞŶƚ ZĞƉŽƌƚĞĚ нϮϮ͕ ϬϬϬ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

ƵŐƵƐƚ ϮϬϮϱ WĂLJƌŽůů ŵƉůŽLJŵĞŶƚ ZĞƉŽƌƚĞĚ нϮϮ͕ ϬϬϬ ϵϬй ŽŶĨŝĚĞŶĐĞ /ŶƚĞƌǀĂů нͬ Ͳϭϯϲ͕ ϬϬϬ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

ƵŐƵƐƚ ϮϬϮϱ WĂLJƌŽůů ŵƉůŽLJŵĞŶƚ ZĞƉŽƌƚĞĚ нϮϮ͕ ϬϬϬ ϵϬй ŽŶĨŝĚĞŶĐĞ /ŶƚĞƌǀĂů нͬ Ͳϭϯϲ͕ ϬϬϬ ϵϬй ŽŶĨŝĚĞŶĐĞ ZĂŶŐĞ Ͳϭϭϰ͕ ϬϬϬ нϭϱϴ͕ ϬϬϬ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

Mean Absolute Payroll Employment Revisions (Month One to Month Three)

100 120 140 160 180 200

DĞĂŶ ϮϬϮϱ ZĞǀŝƐŝŽŶƐ с ϴϭ͕ ϬϬϬ ũŽďƐ ĨŽƌ ĨŝƌƐƚ Ɛŝdž ŵŽŶƚŚƐ͖ Ăůů ŶĞŐĂƚŝǀĞ

0 20 40 60 80

Payroll Employment (in Thousands)

Source: Bureau of Labor Statistics

/ŶƚĞƌŶĂů hƐĞ KŶůLJ͞

tŚĞŶ LJŽƵ ĐŽŵĞ ƚŽ Ă ĨŽƌŬ ŝŶ ƚŚĞ ƌŽĂĚ͕ ƚĂŬĞ ŝƚ͘͟ ͲͲͲ zŽŐŝ ĞƌƌĂ KZ dŚĞ &ĞĚ͛ Ɛ ZĞƚƵƌŶ ƚŽ Ă ͞ ƵĞů͟ DĂŶĚĂƚĞ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

dŚĞ &ĞĚ͛ Ɛ ͞ ƵĞůůŝŶŐ͟ DĂŶĚĂƚĞ

^ŽƵƌĐĞ͗ DĂĐƌŽ DŽŶĚĂLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

A Refined Monetary Policy Framework

8

7

6

Fed Funds Rate

5

4

PCE Inflation

3

2

Price Stability Target

1

Core PCE Inflation

0

Interest Rate or Inflation Rate (Percent)

-1

Jul-01

Jul-04

Jul-07

Jul-10

Jul-13

Jul-16

Jul-22

Jul-19

Jan-00

Jan-03

Jan-06

Jan-09

Jan-12

Jan-15

Jan-18

Jan-21

Jan-24

Apr-02

Apr-05

Apr-08

Apr-14

Apr-17

Apr-11

Apr-20

Apr-23

Oct-00

Oct-03

Oct-06

Oct-09

Oct-12

Oct-15

Oct-18

Oct-21

Oct-24

Note: Shaded Areas are Recessions

-2

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ͞

tĞ ŵĂĚĞ ƚŽŽ ŵĂŶLJ ǁƌŽŶŐ ŵŝƐƚĂŬĞƐ͘͟ ͲͲͲ zŽŐŝ ĞƌƌĂ KZ ĂŶŬ ZĞŐƵůĂƚŝŽŶƐ ŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůLJ /ŵƉĂĐƚƐ ^ŵĂůůĞƌ ĂŶŬƐ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

Research Question What Effect Do Banking Regulations Have on Banks of Different Asset Sizes?

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

Research Question What Effect Do Banking Regulations Have on Banks of Different Asset Sizes?

Gap in the Literature Lack of Cost Data to Empirically Test Regulatory Burden on Banks of Different Sizes

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

ǀĞƌĂŐĞ ŽŵƉůŝĂŶĐĞ ŽƐƚƐ ĂƐ Ă WĞƌĐĞŶƚĂŐĞ ŽĨ dŽƚĂů džƉĞŶƐĞƐ ďLJ ĂƚĞŐŽƌLJ

ϭϬ ϭϱ ϮϬ Ϯϱ ϯϬ ϯϱ ϰϬ ϰϱ ϱϬ

ĐĐŽƵŶƚŝŶŐ

ŽŶƐƵůƚŝŶŐ

>ĞŐĂů

ĂƚĂ WƌŽĐĞƐƐŝŶŐ

ŽĨ dŽƚĂů džƉĞŶƐĞƐ ;йͿ

WĞƌƐŽŶŶĞů

ǀĞƌĂŐĞ ŽŵƉůŝĂŶĐĞ ŽƐƚƐ ĂƐ Ă WĞƌĐĞŶƚĂŐĞ

Ϭ ϱ

^ŽƵƌĐĞ͗ ^ ^ ŶŶƵĂů ^ƵƌǀĞLJƐ ŽĨ ŽŵŵƵŶŝƚLJ ĂŶŬƐ ;ϮϬϭϱͲϮϬϮϰͿ

ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϮϬϮϭ ϮϬϮϮ ϮϬϮϯ ϮϬϮϰ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

ǀĞƌĂŐĞ ŽŵƉůŝĂŶĐĞ ŽƐƚƐ ĂƐ Ă WĞƌĐĞŶƚĂŐĞ ŽĨ dŽƚĂů džƉĞŶƐĞƐ ďLJ ĂƚĞŐŽƌLJ

ϭϬ ϭϱ ϮϬ Ϯϱ ϯϬ ϯϱ ϰϬ ϰϱ ϱϬ

ǀĞƌĂŐĞ WĞƌƐŽŶŶĞů ŽŵƉůŝĂŶĐĞ ŽƐƚƐ ĂƐ Ă WĞƌĐĞŶƚĂŐĞ ŽĨ dŽƚĂů WĞƌƐŽŶŶĞů ŽƐƚƐ

ϭϰ

ϭϮ

ĐĐŽƵŶƚŝŶŐ

ϭϬ

ϴ

ϲ

ŽŶƐƵůƚŝŶŐ

ϰ

ŽĨ dŽƚĂů džƉĞŶƐĞƐ ;йͿ

>ĞŐĂů

Ϯ

ĂƚĂ WƌŽĐĞƐƐŝŶŐ ǀĞƌĂŐĞ ŽŵƉůŝĂŶĐĞ ŽƐƚƐ ĂƐ Ă WĞƌĐĞŶƚĂŐĞ

Ϭ

ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϮϬϮϭ ϮϬϮϮ ϮϬϮϯ ϮϬϮϰ

ŽĨ dŽƚĂů džƉĞŶƐĞƐ ;йͿ

^ŽƵƌĐĞ͗ ^ ^ ŶŶƵĂů ^ƵƌǀĞLJƐ ŽĨ ŽŵŵƵŶŝƚLJ ĂŶŬƐ ;ϮϬϭϱͲϮϬϮϰͿ

WĞƌƐŽŶŶĞů

ǀĞƌĂŐĞ ŽŵƉůŝĂŶĐĞ ŽƐƚƐ ĂƐ Ă WĞƌĐĞŶƚĂŐĞ

Ϭ ϱ

^ŽƵƌĐĞ͗ ^ ^ ŶŶƵĂů ^ƵƌǀĞLJƐ ŽĨ ŽŵŵƵŶŝƚLJ ĂŶŬƐ ;ϮϬϭϱͲϮϬϮϰͿ

ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϮϬϮϭ ϮϬϮϮ ϮϬϮϯ ϮϬϮϰ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

Chart 1: Asset Quartile Cut-offs for Community Banks Responding to the CSBS Annual Surveys

$1,000,000

$900,000

$800,000

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

dŽƚĂů ƐƐĞƚƐ ;ŝŶ ŵŝůůŝŽŶƐ ŽĨ ĚŽůůĂƌƐͿ

$100,000

$-

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

25th Percentile

50th Percentile

75th Percentile

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

Chart 2: Community Bank Personnel Expenses Attributed to Compliance

16%

14%

12%

10%

8%

6%

4%

2%

Differences between smallest and largest asset-size quartiles are based on t-tests with statistical significance level of * p < 0.10, ** p < 0.05, or *** p < 0.01.

Personnel Expenses Attributed to Compliance (%)

0%

2015*** 2016*** 2017*** 2018*** 2019*** 2020*** 2021*** 2022*** 2023*** 2024***

Smallest Quartile

Second Quartile

Third Quartile

Largest Quartile

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

Chart 2: Community Bank Personnel Expenses Attributed to Compliance

16%

14%

12%

10%

8%

6%

4%

2%

Differences between smallest and largest asset-size quartiles are based on t-tests with statistical significance level of * p < 0.10, ** p < 0.05, or *** p < 0.01.

Personnel Expenses Attributed to Compliance (%)

0%

2015*** 2016*** 2017*** 2018*** 2019*** 2020*** 2021*** 2022*** 2023*** 2024***

Smallest Quartile

Second Quartile

Third Quartile

Largest Quartile

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

Chart 3: Community Bank Data Processing Expenses Attributed to Compliance

25%

20%

15%

10%

5%

Differences between smallest and largest asset-size quartiles are based on t-tests with statistical significance level of * p < 0.10, ** p < 0.05, or *** p < 0.01.

0% Data Processing Expenses Attributed to Compliance (%)

2015*** 2016*** 2017*** 2018*** 2019*** 2020*** 2021*** 2022*** 2023*** 2024***

Smallest Quartile

Second Quartile

Third Quartile

Largest Quartile

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

Chart 4: Community Bank Legal Expenses Attributed to Compliance

35%

30%

25%

20%

15%

10%

5%

Legal Expenses Attributed to Compliance (%)

Differences between smallest and largest asset-size quartiles are based on t-tests with statistical significance level of * p < 0.10, ** p < 0.05, or *** p < 0.01.

0%

2015

2016 2017*** 2018

2019

2020

2021

2022

2023

2024

Smallest Quartile

Second Quartile

Third Quartile

Largest Quartile

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

Chart 5: Community Bank Accounting and Audit Expenses Attributed to Compliance

60%

50%

40%

30%

20%

10%

Differences between smallest and largest asset-size quartiles are based on t-tests with statistical significance level of * p < 0.10, ** p < 0.05, or *** p < 0.01.

0%

2015*** 2016* 2017** 2018*** 2019*** 2020*** 2021*** 2022*** 2023*** 2024***

Accounting and Audit Expenses Attributed to Compliance (%)

Smallest Quartile

Second Quartile

Third Quartile

Largest Quartile

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

Chart 6: Community Bank Consulting Expenses Attributed to Compliance

70%

60%

50%

40%

30%

20%

10%

Differences between smallest and largest asset-size quartiles are based on t-tests with statistical significance level of * p < 0.10, ** p < 0.05, or *** p < 0.01.

Consulting Expenses Attributed to Compliance (%)

0%

2015*** 2016*** 2017*** 2018*** 2019*** 2020*** 2021*** 2022*** 2023*** 2024***

Smallest Quartile

Second Quartile

Third Quartile

Largest Quartile

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

dŚĞ ZĞƐƵůƚƐ ^Ž &Ăƌ͙ • ĂƚĂͲĚƌŝǀĞŶ ĞǀŝĚĞŶĐĞ ƚŚĂƚ ƚŚĞ ƐŵĂůůĞƐƚ ĐŽŵŵƵŶŝƚLJ ďĂŶŬƐ ĂƌĞ ĚŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůLJ ďƵƌĚĞŶĞĚ ďLJ ƌĞŐƵůĂƚŽƌLJ ĐŽŵƉůŝĂŶĐĞ ƉƌĞƐƐƵƌĞƐ • dŚĞƐĞ ƐŵĂůůĞƌ ĐŽŵŵƵŶŝƚLJ ďĂŶŬƐ ĂůƐŽ ŚĂǀĞ͗ • ,ŝŐŚĞƌ ĐĂƉŝƚĂů • DŽƌĞ ůŝƋƵŝĚŝƚLJ • DŽƌĞ Őͬ &Ăƌŵ ƌĞĂů ĞƐƚĂƚĞ ĂŶĚ ĚŽ ŶŽƚ ůĞŶĚ ĂƐ ŵƵĐŚ ŝŶ Z ͕ Θ ͕ Žƌ Θ/ • >ŽǁĞƌ ĂƐƐĞƚ ƋƵĂůŝƚLJ • ŶĚ ŐĞŶĞƌĂůůLJ͕ ŚĂǀĞ ǁŝĚĞƌ E/DƐ ĂŶĚ ůŽǁĞƌ ƉƌŽĨŝƚĂďŝůŝƚLJ ;ďƵƚ ŶŽƚ ƐƚĂƚŝƐƚŝĐĂůůLJ ƐŝŐŶŝĨŝĐĂŶƚůLJ ĚŝĨĨĞƌĞŶƚ ĞǀĞƌLJ LJĞĂƌͿ

/ŶƚĞƌŶĂů hƐĞ KŶůLJ

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