The Federal Reserve Chaimran Ben S. Bernanke today said the central bank will try to help community banks avoid the process of allocating key resources over supervisiory guidance for many new regulations widely aimed to bigger banks.

The goal is to prevent community banks from wasting time and money to poring over supervisory guidance that does not apply to them, Bernanke said in his Wednesday remarks at the Independent Community Bankers of America convention in Nashville, Tennessee.

The central bank is currently working to understand how regulatroy costs are affecting community banks, he said, citing the outlook for small banks are also being affected by the state of the national economy but appear to be meeting their challenges, bernanke added.

Profits of smaller banks were considerably higher in 2011 than in the previous years, nonperforming assets were lower, provisios for loan losses fell appreciably, and capital tation improved.