18 real estate deals totaling more than $ 10 million. for example, this platform attracted 361 people to invest a total of $ 350, 000 toward the redevelopment of 906 h street, n. e. currently a vacant building, this property, which is located on the quickly revitalizing h street corridor, now has the funding necessary to renovate the property and transform it into a restaurant or retail space. a second example is calvert foundation ’ s community investment note. this is an interesting one because calvert foundation was essentially doing something akin to crowdfunding for community development before internet platforms became available. as you may know, calvert foundation is a certified community development financial institution ( cdfi ) that was established in 1988 as a 501 ( c ) 3 when calvert investments found strong interest among its clients to invest directly in underserved communities. since 1995, 13, 000 people have invested in these notes, which provide a financial return while economically empowering communities. 2 according to calvert foundation, these massolution, “ 2013cf : the crowdfunding industry report ”. calvert foundation. bis central bankers ’ speeches 13, 000 individual investments have collectively helped to create 430, 000 jobs for low - income individuals, built or rehabilitated 17, 000 affordable homes, and financed close to 26, 000 nonprofit facilities and social enterprises. 3 both the fundrise and calvert foundation examples hint at the potential of scaling up crowdfunding for community development. many of you may be wondering, “ why is the fed interested in this topic? ” first, at a fundamental level, it ’ s important for us to keep our finger on the pulse of financial innovation and the changing dynamics of the financial services industry – even in those parts of the industry where we do not have a direct regulatory role. we know that financial innovation can offer both opportunities and pitfalls ; by carefully and even - handedly studying each new product or service at an early stage in its lifecycle, we can hope to better understand both the potential benefits, as well as any risks for adverse impacts on households and communities. also, through convenings like today ’ s event and by sharing promising practices, the federal reserve system has a longstanding history of supporting local and regional community and economic development efforts that contribute to economic growth and employment. to the extent that crowdfunding has the potential to bring new capital into low - and moderateincome communities, we want to be involved in helping the learning process along. as

##bly and in a way that recognizes the unique business of insurance companies. additionally, we will continue to advocate for international insurance standards that promote a global level playing field and work well for the u. s. insurance market. thank you again for the opportunity to speak with you today. 1 federal insurance office, department of the treasury, annual report on the insurance industry ( pdf ) ( september 2018 ), 65 – 70 ; see, for example, national association of insurance commissioners, state insurance regulation : key facts and market trends ( pdf ) ( 2018 ), 4. see also bureau of economic analysis, “ gross domestic product, third quarter 2018 ( advance estimate ) ( pdf ), ” news release, october 26, 2018, 9. 2 fio 2018 annual report, 65 – 70 ; see, for example, naic 2018 key facts and market trends, 4. 3 national association of insurance commissioners, capital markets special report, “ u. s. insurance industry ’ s cash and invested assets rise 5. 1 % in 2017 ( pdf ), ” ( august 16, 2018 ), 2. in 2017, the life insurance industry held approximately $ 7 trillion in total assets. fio 2018 annual report, 66 ; national association of insurance commissioners, 2017 life, a & h and fraternal insurance industry analysis report ( pdf ) ( 2018 ), 1. 4 2017 life, a & h and fraternal insurance industry analysis report ( 2018 ), 1 ; see also fio 2018 annual report, 80. 5 see anna paulson and richard j. rosen, “ the life insurance industry and systemic risk : a bond market perspective, ” working paper 2016 – 04 ( federal reserve bank of chicago, march 2016 ), 9 - 17. 6 fio 2018 annual report, 76. 7 see fio 2018 annual report, 66. 5 / 6 bis central bankers'speeches 8 capital requirements for supervised institutions significantly engaged in insurance activities, 81 fed. reg. 38, 631 ( june 14, 2016 ). 9 the so - called collins amendment ( section 171 ) of the dodd - frank act requires, among other things, that the board establish consolidated, minimum risk - based capital requirements that are not less than the current generally applicable capital requirements for insured depository institutions nor quantitatively lower than the generally applicable capital requirements for these institutions in effect at the time of the dodd frank act ’ s enactment. a 2014 amendment to this provision set out that, in applying these minimum capital requirements