and education services – account for nearly half of all private jobs in the borough. in education, the bronx hosts fordham university and the albert einstein college of medicine, among others. as for health services, numerous facilities include the montefiore medical center, now the borough ’ s largest employer. i am pleased to report that the bronx, unlike the nation and the city overall, sustained almost no net job loss during the recession. while national employment remains well below its prerecession peak, the bronx has added 10, 000 jobs since the recession began. some of this resilience is due to the borough ’ s concentration in health and education – the only sectors that grew nationally during the recession. another factor is that bronx residents largely rent their homes, so they were less vulnerable to the fallout from the housing crisis. this is not to say that all is well here. some 12 percent of the bronx workforce – a painfully high share – is jobless and less than a fifth of its adult population hold a college degree. the seeming disconnect between the pace of job creation here and high unemployment reflects commuting patterns. many bronx residents work in manhattan and other places where job trends have been less favorable. in addition, not all jobs in the bronx are filled by borough residents. high unemployment and low average levels of education help explain why the per capita income here is less than two - thirds of the national average. a quarter of the population here lives below the poverty line, more than double the national rate. reducing poverty and raising the graduation rate are clearly major challenges for policymakers here, 2 even though the bronx, like the city, seems headed in a promising direction. how are families here doing in reducing their debt to more sustainable levels? let me tell you what our special consumer credit panel reveals about the bronx. 3 families here, as renters, carry relatively little debt. however, it worries me that in contrast to falling debt levels elsewhere, bronx residents have not reduced their indebtedness during the last two years. also troubling is the 17 percent of household debt in the bronx that is seriously delinquent : roughly double the rate in the state and nation. plus, the number of delinquencies is still climbing here, even though they are falling in the state and nation. all of this tells me that bronx households have a considerable way to go before they reach more comfortable debt levels. conclusion to sum up, over the first half of 2011, the

that external endpoints are operating in adherence with an operator ’ s security requirements ; and the development of application tools to enhance a participant ’ s management of fraud risk. i want to elaborate upon three recent actions we have taken to enhance endpoint security, and to provide a preview of additional measures in train. each of these actions, i will suggest, has particular relevance for community banks : last fall the reserve banks implemented functionality that enhances the tools available to fedwire participants to manage the messages they send to the fedwire services. these enhanced control features allow customers accessing fedwire services through the fedline advantage channel to restrict the creation of transfers outside of specified hours, or to banks outside of the united states, or in dollar amounts that exceed designated thresholds, among other parameters. the additional features also trigger out - of - band notification when changes occur to a participant ’ s processing options. for example, a customer might assign a senior manager without operational responsibilities to be notified at an out - of - band email address when designated processing options are changed or thresholds exceeded. we believe that these enhancements have resulted in meaningful risk reduction for individual customers and the payments system at large, and have generated renewed awareness of the critical importance of strong endpoint security controls. also last fall, the reserve banks offered additional protection to depository institutions with assets under a designated size against uncapped losses due to fraudulent payment activity through an expansion of our real time monitoring capabilities. the program, which depository institutions were strongly encouraged to adopt, helps to limit losses from unauthorized fedwire funds transfers by rejecting those that would exceed a depository institution ’ s net debit cap. the rejection of a fedwire funds transaction provides another opportunity for the institution to verify authorization for, and fund, the transaction, thereby reducing the financial risk to the institution and its account holding reserve bank. in june 2016 the reserve banks amended operating circular 5, which governs electronic access of depository institutions to federal reserve financial services, by adding an information security appendix. of particular note, the appendix sets out requirements for customer information security programs designed to protect the environment and systems used to access reserve bank services and applications. adherence to the terms set forth in the operating circular represents an indispensable element of a depository institution ’ s endpoint security program, designed to protect both the individual institution and the network at large. attention to these security responsibilities regrettably is no longer the exclusive 2 / 4 bis central bankers'speeches pu