WASHINGTON — Sen. Elizabeth Warren may have a reputation as the banking industry's toughest foe, but behind the scenes she's formed a growing alliance with community banks, a widespread and politically powerful group.

Just six months into her term in office, the Massachusetts Democrat has already raised concerns about the need for a two-tiered regulatory system and pressed regulators to pull back on applying Basel III standards to smaller banks — all the while continuing her attacks on "too big to fail" and the country's largest institutions.

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