associated with jamaica not having a credit bureau or credit registry. well, jamaica is now at an advanced stage in setting up a credit reporting system so there are good reasons to believe that by the time the next report is released the existence of the new system will contribute to an improvement in our ranking and that you will all see a difference through its impact on your businesses. in line with international best practices, jamaica enacted legislation in august 2010 in order to facilitate the sharing of credit information. the credit reporting act, which came into effect on 1 october 2010, provides the legal framework for a credit reporting regime in jamaica and is designed to improve credit assessment processes and facilitate enhanced risk management and loan pricing strategies throughout the financial sector. the act prescribes or specifies such matters as : – licensing of persons who wish to offer credit reporting services ; – eligible credit information providers ; – the nature of credit information ; – the use of credit information ; – persons who can request a credit report ; – access by customers to their own credit information ; – the handling of customer complaints ; and – supervisory oversight by the regulatory authority, that is, bank of jamaica. on 2 november 2010, the credit reporting regulations were affirmed by the house of representatives and, a few days later, the senate began its deliberations on the matter. the regulations prescribe such operational matters as the licence application process, forms and fees. the bank of jamaica having been designated as the supervisor of credit bureaus is now preparing to take up its oversight responsibilities. this includes : 1. public education to make consumers aware of the objectives and benefits of credit reporting and the mechanics of the regime. this involves : – media features ( during february 2010, the bank published an item under its “ central banking 101 feature ” titled “ credit bureau explained ” as part of public sensitisation exercises ) ; – pamphlets with “ frequently asked questions ” ( faqs ) – which will shortly be made available ; and – a dedicated webpage on the bank of jamaica website, once official copies of the act and the regulations are made available to the bank for posting on the site along with a set of frequently asked questions and other useful information ( such as the procedures for filing complaints about how your credit information has been handled ). the bank also published a helpful article on “ credit bureaus and the efficiency of credit markets ” in its latest quarterly monetary policy report released on 10 november 2010. 2. licensing the bank will be taking similar approaches and using similar methodologies

randal k quarles : brief thoughts on the financial regulatory system and cybersecurity speech by mr randal k quarles, vice chairman for supervision of the board of governors of the federal reserve system, at the financial services roundtable 2018 spring conference, washington dc, 26 february 2018. * * * thank you very much for having me here at the financial services roundtable ’ s spring meeting. i am pleased to speak with you all about our financial regulatory system : both the broad principles that have been directing my approach to evaluating the regulatory system, as well as cybersecurity, which is a topic of great import to financial system participants and their regulators. efficiency, transparency, and simplicity of regulation as i have said before, we have an opportunity to improve the efficiency, transparency, and simplicity of regulation. we have spent the past decade building out and standing up the postcrisis regulatory regime, and as a result we have made critical gains. the financial system is undoubtedly stronger and safer. we have robust capital and liquidity levels, an effective stress testing regime, and improved resolvability of our largest firms. but at the same time, it is our responsibility to ensure that those rules are effective. and if we identify rules that are not working as intended, we should make the necessary changes. with the benefit of hindsight and with the bulk of our work behind us, now is a natural and expected time to evaluate the effectiveness of that regime. our efforts toward implementing those principles are underway. federal reserve board staff members continue the review that i have previously outlined. the goal is to consider the effect of past regulatory initiatives on the resiliency of our financial system, on credit availability and economic growth, and more broadly, their costs and benefits. i am confident that that review will reveal some clear ways that we can improve the core post - crisis reforms. cybersecurity let me now turn from regulation to supervision, and more specifically, to the topic of cybersecurity, which continues to be a high priority for the federal reserve. the federal reserve is committed to strategies that will result in measureable enhancements to the cyber resiliency of the financial sector. given the dynamic and highly sophisticated nature of cyber risks, collaboration between the public sector and private sector toward identifying and managing these risks is imperative. while we know that successful cyber attacks are often connected to poor basic information technology hygiene, and firms must continue to devote resources to these basics,