statutory provisions to carve out their applicability to community banks. i have previously suggested two candidates for consideration : the volcker rule and the incentive compensation requirements in section 956 of dodd - frank. 15 the risks addressed by board of governors, fdic, and occ ( 2013 ), new capital rule : community bank guide ( pdf ) ( washington : board of governors, fdic, and occ, july ). board of governors, fdic, and occ ( 2014 ), “ federal bank regulatory agencies seek comment on interagency effort to reduce regulatory burden, ” press release, june 4. see also the federal financial institutions examination council ’ s ( ffiec ) egrpra website at http : / / egrpra. ffiec. gov /. see http : / / egrpra. ffiec. gov /. for more information about large - bank capital planning and stress testing requirements, see the board ’ s website at www. federalreserve. gov / bankinforeg / stress - tests - capital - planning. htm. board of governors, occ, and fdic ( 2014 ), “ liquidity coverage ratio : liquidity risk measurement standards ( pdf ), ” final rule, federal register, vol. 79 ( october 10 ), pp. 61439 – 61541. the volcker rule applies to all banking entities that engage in prohibited activities, irrespective of size, and the dodd - frank incentive compensation requirements apply to all banks and holding companies with total assets of $ 1billion or more. bis central bankers ’ speeches these statutory provisions are far more significant at larger institutions than they are at community banks. 16 moreover, in the unlikely event that a community bank engages in practices in either of these areas that raise heightened concerns, we would be able to address these concerns as part of the normal safety - and - soundness supervisory process. while the banking agencies have used the other method of tiering and tried to tailor the volcker rule ( as we will do with section 956 ), i believe that both community banks and supervisors would benefit from not having to focus on formal compliance with regulation of matters that are unlikely to pose problems at smaller banks. today i would like to add a third candidate for consideration – a statutory amendment that would permit the federal reserve board to raise the size of banks covered by our small bank holding company policy statement. 17 as background, the board originally

factor in industrial location ; inefficient regulation can therefore be as useless as no regulation. now the central bank ’ s almost 1400 staff are a multiple of what can be accommodated in the dame street building, and of course we can ’ t imagine adding floors to the already notoriously over - high building. staff in fact are now scattered across six locations as far apart as spencer dock and the top of harcourt street ( in addition, of course to the currency centre in sandyford ). as you have heard, the central bank is currently looking for a new home in the city. no firm decision has been taken, but it looks as if the clock is ticking for our occupancy of the dame street tower. we won ’ t go suddenly, and we won ’ t board it up. there could be scope to retain some central banking activities here for a number of years, if it takes that long before a suitable purchaser emerges. we have some ideas here and are open to others. bis central bankers ’ speeches a new development on dame street has been the arrival of the occupy movement. while not everyone is happy with their being there, several people have said to me that their presence symbolises, albeit in a rather ambiguous and even incoherent way, the feelings of a large part of society in regard to what has gone wrong in the financial sector and with the banks. we don ’ t welcome their presence, but – as long as no - one is harmed or put in danger by them – we are not at present inclined to take action to have them moved away. all of this serves to remind us that the financial landscape in which we live – and transact – changes all the time. this publication provides us with an insight into the development of a fine architectural tradition. and valuably it chronicles how the evolution of trade and commerce has left its mark through the bank architecture around the city. i would like to congratulate michael and the city council on a fine publication. bis central bankers ’ speeches