If “our banking system” means the United States, there is no single agreed six-step fix. But policymakers can take practical steps toward a system that is safer, supports households and businesses, gives people fair access to banking, and remains workable to supervise. The six directions below synthesize priorities and proposals voiced by Federal Reserve officials; they are not a settled plan, and several would require further rulemaking or legislation.
“Right now” means setting clearer priorities and beginning reforms—not assuming that any proposal has already become law. Each change should be judged by its effects on financial stability, access to services and credit, competition, consumer fairness, compliance costs, and operational resilience.
1. Match supervision and requirements to each bank’s risks
What to change
Calibrate rules and supervisory attention to a bank’s size, complexity, risk profile, and business model. A community bank with a relatively straightforward business should not automatically face the same operational demands as a large, complex institution simply because both are banks.
What to protect
Tailoring should mean better-fitting oversight, not a blanket exemption for smaller institutions or weaker safeguards. Supervisors still need to identify material risks and enforce safety-and-soundness requirements. In her 2025 remarks and 2026 congressional testimony, Federal Reserve Governor Michelle W. Bowman argued for tailoring; that is her policy position, not evidence that all regulators agree on a particular calibration.
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Capital rules illustrate why precision matters. A joint release on March 19, 2026 described proposed capital-requirement revisions and said comments were due June 18, 2026. That release does not establish that the proposals became final rules, so they should not be described as current requirements on that basis alone.
2. Make bank applications and merger reviews predictable
Publish clear standards and timelines
People seeking to form a bank or combine institutions should be able to find the standards regulators apply, understand what information an application requires, and get a realistic timeline. Agencies can coordinate reviews, use consistent forms, and revise forms when applicants are routinely asked for the same additional information later. Bowman called for clearer approval standards and timelines and raised that form-revision issue in 2025.
Keep competition and risk in the review
Predictability is not the same as automatic approval. A merger review still needs to examine competitive effects and risks. Bowman has described how rural-market screens and deposit-based analyses can prompt added review or delay. Making the process legible can help viable entrants and smaller institutions plan; it should not predetermine whether a particular merger is acceptable.
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3. Keep local access and community banking in the policy picture
Track whether people can reach banking services
Banking policy should account for whether households and businesses can access branches, credit, and other services—not just the condition of institutions in aggregate. The Federal Reserve’s 2024–27 strategic plan calls for research and outreach on access to credit and banking services, community investment, and household financial conditions. Those priorities can help policymakers identify where changes in rules or market structure may affect communities.
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In a February 27, 2025 speech, Bowman said: “Without this diverse banking ecosystem, 30 percent of American communities would not have access to a physical bank location.” That is her statement in that speech, not a newly established estimate here. It underscores why access deserves attention, but it does not by itself show what any specific policy would do to branch availability.
4. Preserve effective consumer protection and community obligations
Make access fair, not merely available
A bank can be physically present while some customers still face unfair treatment, inappropriate barriers, or inadequate protection. Reform should preserve effective consumer-compliance and fair-lending safeguards alongside efforts to expand access. Bowman has said that compliance with consumer-protection and fair-lending law is essential to broad access to credit and financial services. The Federal Reserve’s strategic plan also identifies consumer protection and community reinvestment-related supervision, outreach, and research as priorities.
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Ask who benefits and who bears the cost
When changing a requirement, policymakers should examine whether the change could exclude customers or weaken protections as well as whether it reduces burden. This keeps community obligations and consumer safeguards part of the reform itself, rather than treating them as optional once a rule becomes inconvenient.
5. Modernize compliance and reporting around current risks
Review what reporting rules are meant to catch
Compliance systems should produce information that helps address real risks without imposing avoidable work that diverts resources from higher-value checks. Bowman has called for improvements to the Bank Secrecy Act and anti-money-laundering framework, including reconsidering static reporting thresholds so attention can focus on suspicious activity and disproportionate burdens can be avoided.
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Retain useful information for enforcement
Changing a threshold is not automatically an improvement: fewer reports could also mean less useful information for law enforcement. A sound review should test whether the information collected is still useful, whether reporting burdens fall disproportionately on particular institutions, and how a change would affect the ability to identify suspicious activity. Bowman’s position is a proposal for reconsideration, not an enacted threshold change or a settled consensus.
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6. Allow responsible innovation while managing operational risks
Make room for useful services
New technology and partnerships can help banks serve customers, but novelty alone does not establish that a service is safer, more inclusive, or better. In 2026 testimony, Bowman said the Federal Reserve was encouraging bank innovation and developing clarity on digital-asset activities while emphasizing the need to address safety-and-soundness risks. That describes regulatory work and priorities, not blanket approval of every digital-asset activity.
Examine how money and responsibility move
Bowman’s 2024 speech noted that fintech partnerships can benefit customers, while poorly managed deposit arrangements can jeopardize deposit insurance or customers’ access to funds. She also identified cybersecurity and third-party risk as material concerns for community banks. Reviews of a new service should therefore make clear who holds funds, who is responsible when something goes wrong, and how operational and cyber risks are managed.
That speech also offers a useful test for any regulatory change: “How will banks adjust their activities in response?” Bowman cautioned that policymakers should consider whether a change might lead banks to raise prices, leave low-margin businesses, or contribute to greater concentration. Those possible responses matter alongside a rule’s intended effect.
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How to tell whether a reform is working
Do not measure reform only by how many pages of rules disappear or how quickly an application is processed. Evaluate whether it improves supervision or reduces avoidable burden while preserving the outcomes the rules are meant to protect. A useful review asks whether the change:
- keeps banks safe and sound;
- supports access to branches, credit, and services;
- maintains fair competition rather than encouraging harmful concentration;
- protects consumers and preserves fair lending;
- makes compliance clearer without sacrificing useful oversight; and
- accounts for cybersecurity, third-party, and other operational risks.
These questions make the six directions testable. If a reform lowers costs but leaves people with less access, weaker protection, or more concentrated choices, it has not achieved a balanced fix. If a new requirement adds burden without improving safety, fairness, access, or useful information, it deserves scrutiny too.
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