sound banking practices. 9 this includes, for example, waiving certain fees, easing restrictions on check - cashing, expanding availability of credit, providing alternative service options, and offering alternative payment options. prudent efforts to modify terms on new or existing loans will receive favorable cra consideration. in addition, financial institutions will receive cra consideration for community development activities, e. g., activities that help to revitalize or stabilize low - or moderate - income geographies such as support for food services and digital access, as well as lending, investment and service activities that support health care and small businesses, particularly for low - and moderate - income individuals or communities. in terms of supervisory focus, the fed has prioritized monitoring to evaluate the impact on consumers to ensure that banks work in good faith with consumers, apply fair treatment and mitigate consumer harm. we are monitoring consumer loan deferrals and modifications and corresponding servicing activities to ensure banks'responsiveness. we are also monitoring consumers'needs regarding access to funds, including stimulus payments, through traditional deposit accounts, as well as for individuals without a traditional banking relationship who utilize pre - paid cards. conclusions taken together, these steps demonstrate the fed's strong commitment to help the u. s. banking system support the u. s. economy and protect consumers during the covid - 19 pandemic. we are aware, however, that many low - and moderate - income and minority communities remain severely impacted. the regional partnership between the new york fed and socially responsible providers of capital continues to inform our understanding of the needs for access to credit for these critical small businesses. we will continue to work with you to ensure that the financial system acts as a source of strength to support all segments of the u. s. economy. thank you. 1agencies issue revised interagency statement on loan modifications by financial institutions working with customers affected by the coronavirus 2federal reserve provides additional information to financial institutions on how its supervisory approach is adjusting in light of the coronavirus 3agencies announce changes to the community bank leverage ratio 4the fed has also taken action to support the provision of credit by larger institutions. federal banking agencies provide banks additional flexibility to support households and businesses and federal reserve board announces temporary change to its supplementary leverage ratio rule to ease strains in the treasury market resulting from the coronavirus and increase banking organizations ’ ability to provide credit to households and businesses 5federal reserve actions to support the flow of credit to

- term needs of the american people. the treasury and the federal reserve both recognize this necessity and have issued joint statements to this effect in the past. 18 see, for example, fernando m. martin ( 2015 ), “ debt, inflation and central bank independence, ” european economic review, vol. 79 ( october ), pp. 129 – 50. for example, see board of governors of the federal reserve system and department of the treasury ( 2009 ), “ the role of the federal reserve in preserving financial and monetary stability : joint statement by the department of the treasury and the federal reserve, ” joint press release, march 23, https : / / www. federalreserve. gov / newsevents / pressreleases / monetary20090323b. htm - 10 with this independence, of course, the fomc is committed to being accountable and transparent about our actions to both the congress and the public — and the federal reserve strives to continually improve its transparency. in 2020, for example, the fomc released a new statement on longer - run goals and monetary policy strategy. 19 this new framework explains how we interpret the mandate that the congress has given us and describes the broad framework that we believe will best promote our maximumemployment and price - stability goals. going forward, the monetary policy choices of the fomc will continue to be guided solely by our mandate to promote maximum employment and stable prices. these congressionally mandated goals always drive our decisions ; partisan policy preferences or the debt - financing needs of the treasury will play no role in that decision. cooperation in times of crisis, like during the initial phases of the covid crisis, was crucial for staving off an economic disaster, putting us on the road to recovery, and helping avoid long - run scarring and was the appropriate way to serve the fed ’ s dual mandate. but the independence of the federal reserve is in the nation ’ s best interest and should be valued and protected by all. the new statement — released on august 27, 2020, and reaffirmed in january 2021 — is available on the board ’ s website at https : / / www. federalreserve. gov / monetarypolicy / review - of - monetary - policy - strategytools - and - communications - statement - on - longer - run - goals - monetary - policy - strategy. htm.