new foreclosure recovery guide for individuals who have undergone foreclosure. the guide is directed toward local communities and addresses issues such as relocation, credit repair, job training, and mental health issues. this publication was introduced through a series of local convenings and leveraged by encouraging community groups and local governments to work together to address post - foreclosure issues. research atlanta the community and public affairs offices partnered with the american council on consumer interests to host the annual research conference in april 2010. the conference convened researchers from across the country to share study findings on issues including foreclosure, financial education and literacy, and consumer implications of health care reform. kansas city community affairs conducted a series of focus groups throughout the district to uncover and understand the perceptions and preferences of unbanked or underbanked consumers. the research findings are being used to inform lenders, municipal leaders, and financial educators on ways to transition the unbanked and underbanked into a relationship with a regulated financial institution and to encourage communities to partner on solutions. philadelphia community affairs research staff wrote a paper evaluating the success of a high school personal finance curriculum that the bank created with the university of delaware and the delaware bankers association. bis central bankers ’ speeches san francisco the research team engaged a uc berkeley master ’ s student to explore the opportunities and challenges for passing a state mandate for financial education in california. as a result of this research, the team partnered with the minneapolis reserve bank and the university of arizona to convene a two - day workshop for 25 of the top financial education researchers nationwide to improve the evaluation and effectiveness of youth financial education research. the community affairs research team conducted an in - depth qualitative evaluation of an innovative youth financial education program run by a credit union in san francisco ’ s mission district that explores the effectiveness of prize - linked savings accounts. st. louis community affairs collaborated with the social systems dynamics lab at washington university to conduct a qualitative research initiative to develop a systemic understanding of financial services choices of unbanked african americans in the city of st. louis and the inner - ring suburbs. the goal is for the study ’ s findings to inform the design of financial services that meet the needs of low - to moderateincome families and individuals. federal reserve system the community affairs offices hold a biennial research conference to foster research and present the most recent research on community economic development strategies, including the efficacy of financial education programs such as homebuyer / fore

housing market will likely involve shifting some of the burden of adjustment from some parties to others. i greatly appreciate the leadership that the senate banking committee has shown on the profound challenges facing the housing market. for its part, the federal reserve will continue to use its policy tools to support the economic recovery and carry out its dual mandate to foster maximum employment in the context of price stability. in its supervisory capacity, the federal reserve will continue to encourage lenders to find ways to maintain prudent lending standards while serving creditworthy borrowers. thank you again for inviting me to appear before you today. i would be happy to answer any questions you may have. bis central bankers ’ speeches