stringent targets and performance standards for market participants. to help alleviate counterparty credit concerns, regulators are also encouraging the development of wellregulated and prudently managed central clearing counterparties for otc trades. 5 just last week, we approved the application for membership in the federal reserve system of ice trust, a trust company that proposes to operate as a central counterparty and clearinghouse for cds transactions. the federal reserve and other authorities also are focusing on enhancing the resilience of the triparty repurchase agreement ( repo ) market, in which the primary dealers and other major banks and broker - dealers obtain very large amounts of secured financing from money market mutual funds and other short - term, risk - averse sources of funding. 6 for some time, market participants have been working to develop a contingency plan for handling a loss of confidence in either of the two clearing banks that facilitate the settlement of triparty repos. recent experience demonstrates the need for additional measures to enhance the resilience of these markets, particularly as large borrowers have experienced acute stress. the federal reserve's primary dealer credit facility, launched in the wake of the bear stearns collapse and expanded in the aftermath of the lehman brothers bankruptcy, has stabilized this critical market, and market confidence has been maintained. however, this program was adopted under our emergency powers to address unusual and exigent circumstances. therefore, more - permanent reforms are needed. for example, it may be worthwhile considering the costs and benefits of a central clearing system for this market, given the magnitude of exposures generated and the vital importance of the market to both dealers and investors. more broadly, both the operational performance of key payment and settlement systems and their ability to manage counterparty and market risks in both normal and stressed environments are critical to the stability of the broader financial system. currently, the federal reserve relies on a patchwork of authorities, largely derived from our role as a international standards for central counterparties have been developed, and national authorities should work to ensure that all covered entities adhere to these standards. see committee on payment and settlement systems and technical committee of the international organization of securities commissions, bank for international settlements ( 2004 ), " recommendations for central counterparties, " november. the benefits and costs of a central counterparty are discussed in " assessing the potential for instability in financial markets, " a speech delivered by randall s. kroszner ( 2008 ) at the risk minds conference, international center for

with bank accounts are an important measure of our collective success, particularly in an environment where consumers can access an ever - growing range of financial services. while there are a multitude of nonbank products and providers, none provide the reliability and protection of fdic insurance for deposits. bank accounts continue to be the safest and most reliable way to deposit and keep money and engage in a variety of transactions. these affordable, government insured banking relationships can help consumers and businesses manage their money - to save or spend as desired - and develop financial management skills through savings and payments. in addition, having a banking relationship may assist consumers borrowing money to invest in education, a home, vehicle or a business. 2 / 4 bis - central bankers'speeches the federal reserve continues to support expanding access to bank accounts through the bank on program, which provides those without a banking relationship access to low - or no - cost deposit accounts. the st. louis fed's bank on data hub reports national data for all banks that offer these bank on program accounts. in 2022, more than 200 banks offered certified bank on accounts. these accounts are now available at more than 46, 000 u. s. bank and credit union branches. like affordable banking services, responsible small - dollar lending products can play an important role in financial inclusion by helping meet immediate credit needs from emergency or unexpected expenses, temporary cash flow disruptions, or unplanned income shortfalls. small - dollar loans are often a critical source of funding when economic stress occurs. during the covid - 19 pandemic, the federal reserve and other agencies issued updated principles for banks to consider when offering responsible small - dollar loans. successful programs incorporate repayment safeguards and seek to provide outcomes that enhance borrowers'financial capabilities. as loan markets continue to evolve, well - designed small - dollar loan products remain an important resource for consumers, helping to encourage positive credit practices and transition into additional financial products. i will conclude with a key element of the federal reserve's community engagement to broaden access to financial services so that more americans can participate in the broader economy. financial inclusion for all, including underserved communities, like indigenous groups, is important for the economic strength of our country. our efforts across multiple federal reserve system functions work to advance this goal. the federal reserve board's community advisory council offers diverse perspectives on economic circumstances and financial services needs of a range of consumers and communities, with a particular focus on low - and moderate - income