Good morning and welcome to Day 2 of the 2025 Community Banking Research Conference. I would like to thank all speakers and presenters. Your willingness to share perspectives and spark dialogue is why this conference remains an essential annual focal point—for researchers, regulators, community bankers and policymakers. I would also like to thank the Conference of State Bank Supervisors, the FDIC and my colleagues across the Federal Reserve System for sponsoring this conference each year. Your commitment of time and talent ensures that we attract top researchers and engage key thought leaders over the planning cycle. ... (full story)