street reform and consumer protection act of 2010 ( dodd - frank act ) are specifically targeted at these firms. it would be counterproductive to apply those same expectations to small banks. accordingly, we think it is important to tailor rules whenever possible to clearly differentiate expectations for different portfolios of banks and reduce undue burden on community banks. tailoring regulations may be more challenging in some areas, such as rules that provide transparency and fairness in consumer transactions. those are standards that apply throughout the financial system. i should note that the dodd - frank act transferred rule - writing authority for many of the consumer laws and regulations to the consumer financial protection bureau, or cfpb. the review of those regulations must be undertaken by the cfpb under procedures incorporated in the dodd - frank act rather than egrpra. however, the federal reserve board, the office of the comptroller of the currency, and the federal deposit insurance corporation retained rule - writing authority for the community reinvestment act, and we are interested in your comments regarding ways we can improve the regulation. bis central bankers ’ speeches in addition to changes in the regulatory and supervisory landscape, the banking industry itself has also undergone major changes. advances in technology and shifts in industry composition between depository institutions and nondepository companies have changed the types of financial services and products that are offered, as well as how those services and products are accessed. we will be very interested in your feedback regarding how these types of industry changes have impacted the effectiveness of our regulations. let me conclude by saying that we will consider your comments carefully as the agencies coordinate to discuss and consider the appropriate action that is likely to best serve our financial system and the interests of institutions and consumers. the result will be contained in the agencies ’ report to the congress summarizing the issues raised and the agencies ’ conclusions about the need for regulatory or legislative changes. thank you for joining us today. bis central bankers ’ speeches

ben s bernanke : fostering financial literacy speech by mr ben s bernanke, chairman of the board of governors of the federal reserve system, at the national bankers association foundation financial literacy summit reception, washington dc, 13 april 2010. the original speech, which contains various links to the documents mentioned, can be found on the us federal reserve system ’ s website. * * * it is a distinct pleasure to visit with the national bankers association foundation this evening. i am very pleased to be among your honorees. the foundation does important work, including helping consumers make wise financial choices, connecting the “ unbanked ” with mainstream providers of financial services, and providing assistance and support to minority bankers and entrepreneurs. april is financial literacy month, and so it is fitting that you are hosting this event. i note that you also plan to hold a financial literacy summit later this year on the howard university campus. the summit will bring scholars, bankers, community activists, and others together to brainstorm strategies for educating consumers of financial products. many american families are struggling in the aftermath of the financial crisis, which reinforces the need for reliable and useful information to facilitate good financial choices. helping people better understand how to borrow and save wisely and how to build personal wealth is one of the best things we can do to improve the well - being of families and communities. the foundation is making great contributions to this effort, for example, through your online library of personal finance educational materials. 1 the federal reserve very much shares your abiding interest in helping consumers successfully navigate the financial marketplace. our approach is two - pronged. first, we work actively to foster financial and economic education. second, recognizing that basic financial knowledge is not sufficient to keep people safe from fraud and deceptive practices, we are committed to developing and enforcing strong rules to protect consumers. on the financial education front, examples of the federal reserve ’ s many resources available to the public are an online credit card calculator that helps consumers estimate how long it will take to pay off a credit card bill under different payment scenarios, 2 concise brochures – in both english and spanish – offering consumer tips on such topics as avoiding mortgage foreclosure scams and protecting their checking accounts, 3 and interactive websites that provide consumers with what they need to know about new protections for credit card accounts and overdraft protection programs that recently took effect. 4 see nba foundation, inc., “ financial literacy ”, webpage