, tailoring regulations based on bank size and business model and local conditions, and minimizing burden. for example, the anpr proposes using a federal financial institutions examination council online census data system 2018 and u. s. census bureau american community survey 2014 - 2018. a tract is designated as distressed if it is a nonmetropolitan middle - income tract that meets one or more of the following triggers : ( 1 ) an unemployment rate of at least 1. 5 times the national average ; ( 2 ) a poverty rate of 20 percent or more ; or ( 3 ) a population loss of 10 percent or more between the previous and most recent decennial census or a net migration loss of 5 percent or more over the five - year period preceding the most recent census. a tract is designated as underserved if it is a nonmetropolitan middle - income tract that meets criteria for population size, density, and dispersion that indicate the area's population is sufficiently small, thin, and distant from a population center that the tract is likely to have difficulty financing the fixed costs of meeting essential community needs. a nonmetropolitan middle - income tract is defined as a tract with median family income of more than 80 percent or less than or equal to 120 percent compared to a statewide nonmetropolitan area median family income. - 7complementary set of metrics to separately evaluate retail - lending activity ( like mortgage lending ) and community development financing activity ( like investing in affordable rental housing ). looking at these activities separately helps to ensure that we are comprehensively evaluating bank activity and that we are taking both retail and community development activity into consideration. third, we also hope the anpr will provide a foundation for a consistent approach that has broad support among stakeholders. stakeholders have expressed strong support for the agencies to work together to modernize cra. by reflecting stakeholders ’ views and providing a long public comment period, we believe the anpr provides the basis for the agencies to establish a consistent approach that has broad support. as we embark on cra reform to strengthen the law ’ s core purpose, we have a unique opportunity to design a regulation that better addresses the needs of individuals and communities in indian country. there are several proposals in the anpr that i would like to highlight that advance that goal. first, we have specific proposals in the anpr that would allow banks to receive credit for eligible cra activities in indian country, even when those activities are

is important to give a detailed report of when such factors are taken into account. this is a strategy the riksbank follows. so far, the riksbank has not found reason to take account of what happens beyond the normal forecast horizon when formulating its monetary policy, although it does normally produce surveys of the economy for longer periods. however, i have argued on several occasions in 1999 and 2000 that there was reason to raise the instrumental rate, taking into account the effects in a longer term perspective. nevertheless, asset prices should not be included in the formulation of monetary policy targets. there is otherwise a risk that the central bank would counteract adjustments that were fundamentally motivated. this would reduce the efficiency of the resource allocation and probably subdue growth. other measures in addition to price stability, most central banks have a responsibility for financial stability. according to a narrow definition, financial stability is equal to a lack of crises in systemically - important banks. the banks have important functions with regard to the payment system and the supply of capital. it is easy to see that without an efficient payment system and capital supply the economy would be unable to function. monetary policy would have no effect in this situation. large shocks to the functioning of the financial system would also reduce the effectiveness of monetary policy, as the transmission mechanism is affected by the efficiency of the capital supply and the mediation of payments. the fact that there are close links between the central banks'two tasks becomes particularly evident when the effects of financial bubbles are discussed. an important part of the process leading up to large imbalances is credit granting by the banks. the fact that households and companies demand loans for increased consumption and investment when asset prices are rising is one thing, but it also requires that the banks increase their supply of loans. if the banks have well - developed risk systems, and rules and supervision are designed to motivate the banks to utilise them, the risk of exaggerated lending will be reduced. the way that capital adequacy rules are designed and applied is of great significance. the new capital adequacy rules, basel 2, are aimed at reflecting to a greater extent than now the risks the banks actually take. however, valuating credit risks over a whole economic cycle is very difficult. the indications are that both internal credit risk models and credit rating agencies tend to underestimate credit risks during an upturn in economic activity and to overestimate them during a downturn. there is thus a risk that