thing to do with your money is to leave it where it is, but our responsibility is to make sure the public knows that currency is readily available. and it is. we finished building up our currency inventory in august, and depository institutions are arranging to have a large amount of extra cash in their vaults as well. separately, the board has taken several steps to ensure bank and thrift customers continuous access to funding. first, we advised the industry to make the advance arrangements necessary to borrow at the discount window, and many have already done so. and we created an administrative structure to more easily serve the backup needs of credit unions. we also created a special liquidity facility to provide banks and thrift institutions access to funds at a predetermined price. this borrowing arrangement will be available as from 1 october. its creation sends a clear message : the fed will be there to provide liquidity should banks need it. that, in turn, will enable banks to offer their customers similar assurance. earlier this month, the federal reserve bank of new york announced several changes to its daily open - market procedures intended to ensure the smooth operation of financial markets around the century rollover. all of these actions have a common theme. they are meant to build confidence that the fed is determined to play its traditional role as a provider of liquidity in uncertain times. summary in sum, our systems are ready. we are working to build public confidence. we will be on the job constantly during the rollover period and we will be prepared for any problems that may arise. no one can guarantee the complete absence of isolated glitches, but americans should feel confident the federal reserve and our depository institutions have done everything that can be done to make the transition to the year 2000 as smooth as possible.

financial institutions ( cdfis ), women - owned financial institutions, and lowincome credit unions. given the disproportionate impact of covid - 19 on communities of color, it is important to support the institutions that have a mission to serve the families, entrepreneurs, and homeowners in these communities. in may, governor miki bowman and i heard from leaders of federal reserve - regulated mdis about how covid had hit their communities and the proactive efforts mdis were taking to bolster their communities ’ resilience by extending credit to existing and new customers, calling each borrower that applied for a paycheck protection program loan to help them navigate the process, and working with customers to modify and defer payments on existing loans. 12 the board ’ s proposal would clarify that banks can receive credit for partnerships with mdis and other mission - oriented institutions on a nationwide basis, and that such activities would be considered as part of a potential pathway to an “ outstanding ” rating. furthermore, for regulated mdis, investments in other mdis and in their own institutions could be considered as enhancing their cra performance. minority depository institutions leadership forum via webex with governors miki bowman and lael brainard ( may 13, 2020 ). - 6moreover, the anpr proposes to designate certain areas, based on persistent inequities, where banks could receive credit for community development activities that often lie beyond the boundaries of a bank ’ s branches. for instance, many of the places that i have visited, such as in the colonias, the mississippi delta, appalachia, and indian country, have few bank branches and are located outside of branch - based assessment areas. banks need to be confident about receiving cra credit to seek out activities and investments in these areas. the anpr raises a variety of additional ideas that could be significant for financial inclusion. it proposes giving banks greater certainty that their community development activities will be considered in broader statewide and regional areas, in addition to activities within their local communities, so that banks could help address needs in “ credit deserts ” if they have the capacity to do so. in considering economic development, the anpr considers that loans to the smallest businesses, smallest farms, and minority - owned small businesses might be considered impactful and responsive to community needs. in addition, the anpr proposes elevating the focus on the availability of checking account and savings account products in serving lmi communities.