. past and current crises underscore an additional lesson. then as now, international or regional financial crises require a coordinated response to safeguard the stability of the world ’ s financial system. to that end, the uab can play an important regional role by facilitating efforts to address potential cross - border issues, and by providing a local platform for strong cooperation between home and host supervisors during normal and crisis periods. at your conference this week, i anticipate you will discuss the opportunities and challenges that lay ahead for your members. among the topics, no doubt, will be the prospects for partnership between the public and private sectors, the importance of establishing institutions capable of managing crises, the effects of new regulatory and supervisory structures on the banking industry, and the role of the banking sector in promoting economic growth. bis central bankers ’ speeches we at the federal reserve face similar challenges and opportunities, and we look forward to working with you to find common approaches and solutions. i wish you a successful and productive conference. warm congratulations on your 40th anniversary, and best wishes for another 40 years of success. bis central bankers ’ speeches

figure 2. loans made under the ppp totaled $ 197 billion — an amount representing about 40 percent of all funding provided under this program. a banker from michelle park lazette, “ ’ i can ’ t believe i got a real person ’ : small bank answers businesses ’ cries for help, ” medium, september 3, 2020, https : / / medium. com / new - york - fed / i - cant - believe - i - got - a - real - personsmall - bank - answers - businesses - cries - for - help - 844b482ab5ba. - 6virginia told me, “ it was a great opportunity for the community banks to show their strength. ” the federal reserve ’ s small business credit survey shows that over one - third of small businesses turn to small banks for their lending needs. 9 the survey data indicate that these borrowers are far more satisfied with their banks than the businesses who borrowed from other sources, and three out of five small businesses cite an existing relationship as a key reason they continue to do business with their bank. the ppp program strengthened many preexisting relationships between community banks and their borrowers, but community banks also met the needs of new customers facing stress from covid - 19. one bank reported 3, 000 new customers from a total of 15, 000 ppp loan originations. over time, the establishment of these new relationships is likely to benefit both the community bank and the small businesses they serve. community bank supervision during the pandemic now let me turn to the question of how the federal reserve is approaching community bank supervision during the pandemic, and how that aligns with my philosophy about how the fed should always conduct supervision. as you well know, community banks form a critical part of a strong and stable financial system, and they are vital to their surrounding communities. supervising community banks requires us to strike a delicate balance between ensuring their safety and soundness and ensuring that they are able to continue serving those vital functions. this is especially true now, when community banks are supporting the businesses bearing federal reserve, “ small business credit survey, ” ( 2020 ), https : / / www. fedsmallbusiness. org / medialibrary / fedsmallbusiness / files / 2020 / 2020 - sbcs - employer - firmsreport. pdf. - 7the brunt of the economic effects of the pandemic. this situation strongly argues for