2018 in bali. these activities are interwoven under the theme “ voyage to indonesia ”, a journey that will bring the world to the renewed indonesia and asean region. it is my hope that all of us will continue to be engaged in various programs of the “ voyage to indonesia. ” we also hope that you will attend and experience the imf – world bank annual meetings in bali along with its enriching back - to - back programs in october 2018. finally, i wish you all a pleasant and fruitful seminar and let me stop here. thank you.

reinvestment act is broad and deep. commenters across the board applauded the significant volume of cra loans and investments that have supported lmi households and communities, as well as the benefits households and communities have realized from the cra ’ s focus on local retail financial services, small business lending, and community development lending, investments, and services. and they asked that the three banking agencies work together toward a joint rulemaking proposal so that cra policies can be clearly and consistently applied across agencies. second, there are some good ideas about how to modernize the procedures for setting the area in which the agencies assess a bank ’ s cra activities while retaining the core focus on place. this is not a simple challenge, and this morning ’ s panel identified some promising solutions to the challenge of modernizing the definition of assessment areas to keep up with changes in banks ’ business models. i appreciated the panelists ’ insights on how to balance the importance of place with various business models, including to reflect the extensive use of digital channels and other changes in the banking industry. the public comments we have read so far suggest 1 / 3 bis central bankers'speeches general agreement that there is a need for an update — but not a complete overhaul — of assessment areas through a balanced package of reforms. we have heard general support for assessment areas that reflect each bank ’ s business model, recognizing that branch - based assessment areas work for many banks but that additional or different assessment areas may be appropriate for others. third, we have received helpful input on tailoring cra regulations to banks of different sizes and business models. many of the comments we reviewed expressed support for retaining different performance tests for different types of banks, including the strategic plan option. we also heard this at the regional roundtables, where banker participants ranged from small community banks to large internet - only banks. it was clear that cra regulations cannot be one - size - fits - all. fourth, we have heard some good suggestions for ensuring that any modernization of assessment areas should keep in focus the goal of encouraging banks to seek out opportunities in underserved areas, including in this morning ’ s panel on assessment areas. the concern about cra hotspots and credit deserts was echoed in the comment letters, and several commenters offered helpful suggestions for addressing this problem going forward. and the need to create incentives for cra capital to reach underserved communities was a theme we heard in our regional roundtables from both bankers and