federal fair lending laws that prohibit discrimination in lending. violations of the fair lending laws, along with other illegal credit practices, are taken into account during bank evaluations under the community reinvestment act ( cra ). we see our robust supervisory approach as critical to addressing racial discrimination, which can limit consumers ’ ability to improve their economic circumstances, including through access to homeownership and education. the fed ’ s community development function plays a role as well, studying what works, convening stakeholders on both the national and district level, and helping financial institutions find opportunities to invest and expand credit opportunities in low - and moderate - income communities. the economic landscape has changed, and efforts to provide access and credit to communities must change with it. last year, the fed issued a proposal for a strengthened, modernized cra framework, with the objective of building broad support among both external stakeholders and participating agencies. our goal is to strengthen the core purpose of meeting the credit needs of low - and moderate - income communities. we especially appreciated ncrc ’ s feedback on the proposal. we will continue to do our part, and we appreciate the ways our work and that of ncrc members have intersected. last april, for instance, the fed expanded the paycheck protection program liquidity facility in order to broaden its reach to include some nondepository lenders. that included cdfi ( community development financial institution ) loan funds, which many of the people here represent. your work provided small businesses with invaluable technical assistance to help them weather the downturn, and you have helped them get the funds they need to support their businesses. ncrc member groups have contributed in so many ways. you helped workers who lost their jobs get retrained. you supported working parents. you helped homeowners struggling with payments and connected renters to federal assistance programs. you brought more people into the banking system, helped strengthen financial literacy and capabilities, and worked to address digital divides in areas of need — particularly in rural communities — at a time when connectivity is essential. i would like to close by saying thank you. you have been working hard through this crisis, and an enormous amount of work still lies ahead. but what you do is essential. you provide an invaluable service : you make people ’ s lives better. there is no higher calling. thank you. 2 / 3 bis central bankers'speeches 1 the data pertain to current population survey respondents who were

about whether they should make these payments by cheque in the days immediately following the rollover to the year 2000 as part of their contingency planning. i hope these organizations carefully consider all of the implications of such a step before making a final decision in this regard. we have a high degree of confidence in the ability of the federal reserve and the banking industry to continue to process electronic payments during this period. the drawbacks to the payment recipients of this change to business - as - usual practices may well outweigh any perceived benefits. conclusion i believe that the financial services industry has made great progress in addressing year 2000 issues. during this next year you will not only need to do your best to continue to repair and test your own systems, but will also need to evaluate the risk of potential failures and the effect of these failures on your business. further, you will need to test fallback procedures or work - around processes that mitigate the effect of such failures on your ability to continue to conduct business. finally, we must continue to be a reliable source of accurate and sound information to maintain the public ’ s trust. i do not doubt that we can collectively rise to these challenges.