October 03, 2022
Statement on Final Amendments to Regulation II to Clarify the Prohibition on Network Exclusivity by Governor Michelle W. Bowman
During the public comment process, community banks raised substantial concerns with the proposal. Although the Board has attempted to identify the likely effects of the proposed rule based on available information, I believe that significant questions remain about how the rule will affect banks, and particularly community banks, with respect to both fraud and the cost of compliance. Given this continued uncertainty, I do not support the final rule.