definition of what is a financial institution is being challenged. advancements in technology have ramifications for real applications in many thai businesses, and the banking industry is no exception. changes in consumer lifestyle are amongst major factors pushing financial institutions to implement technology - based services that will deliver traditional transactions in a more timely and convenient manner. such a trend is evidenced by the fact that many thai banks have invested a significant amount of resources modifying their technology systems to support new on - line services and to enhance efficiency and cost - effectiveness of their operations. a new dimension of competition has also emerged in the form of non - bank providers, begging the question of valid regulatory framework and forcing us to rethink our definition of financial institution and role of central banks e - banking represents a new challenge to the overall competitiveness of the banking industry. notwithstanding the inherent risks of this cyber reality, potential benefits from such services are likely to outweigh its costs, and therefore we must resign ourselves to the role of supporting and nurturing this new tool. such parental support will continue to include our duties toward systemic security, consumer protection, risk management, and privacy. thus, e - banking fits the a regulator's age - old conundrum of striking the right balance between regulatory oversight and innovation. ladies and gentlemen, i hope that i have presented to you an abbreviated version of the common challenge we all face. it is my hope that this seminar will provide us all with the opportunity to dip into the vast pool of knowledge possessed by our resource persons to provide us with new - found understandings, essential for strengthening our interconnected financial infrastructure, as well as close network. lastly, i hope you will have some time to see the beautiful chiang mai, orchid of the north. it is with great pleasure that i declare the opening of this " seanza workshop on the new capital accord and e - banking. " thank you.

strengthening the cra : a conversation with representatives of native communities remarks by lael brainard vice chair board of governors of the federal reserve system at national native coalition virtual series on the community reinvestment act notice of proposed rulemaking ( via webcast ) july 19, 2022 good afternoon. 1 i am happy to join you today for the national native coalition listening session to discuss the community reinvestment act ( cra ). i want to thank the national congress of american indians and its many tribal partners, as well as casey lozar and his team at the center for indian country development at the federal reserve bank of minneapolis. i am pleased to be joined by acting comptroller of the currency michael hsu of the office of the comptroller of the currency ( occ ) and acting chairman martin gruenberg of the federal deposit insurance corporation ( fdic ). in may, the federal reserve, the occ, and the fdic issued a unified proposal to modernize the cra regulations. this is a once - in - a - generation opportunity to strengthen the cra to bring greater credit, investment, and banking services to the communities that have faced the greatest challenges. for the first time, the cra will provide powerful incentives for banks to make investments in communities that do not have access to branches, such as in native lands. as representatives of native communities, you know all too well the challenges faced by native communities in getting access to financial services — challenges that were made worse by the pandemic. i have visited with native communities in south dakota and oklahoma and seen firsthand the resiliency and innovation of these communities in the face of numerous challenges. 2 even with the implementation of the cra and other complementary laws, tribal economic inclusion is hindered by a lack of banking and credit access. as of the most recent 2019 data, over 16 percent of native i am grateful to amanda roberts and matthew lambert of the federal reserve board for their assistance in preparing this text. the views expressed here are my own and do not necessarily reflect those of the federal reserve board or the federal open market committee. see lael brainard, “ financial inclusion and economic challenges in the shadow of the pandemic : a conversation with tribal leaders ” ( speech at fed listens : roundtable with oklahoma tribal leaders, oklahoma city, oklahoma, october 13, 2021 ), https : / / www. federalreserve. gov / newsevents / speech / brain