and unethical banking practice, and greater emphasis on enforcement of code of corporate governance. fsrcc revamped, joint cbn / sec examinations. 9. standby teams of target examiners are being deployed to any bank at any time to ensure timely regulatory actions, if it is deemed necessary. in addition, to further engender public confidence in the banking system and enhance customer protection, the cbn established the consumer and financial protection division to provide a platform through which consumers could seek redress, and directive has been given to banks to establish customer help desks at their head offices and branches. also, a comprehensive review of the guide to bank charges has commenced with a view to making the charges realistic and consumer - friendly. furthermore, the consumer and financial protection division is expected to commence a programme of consumer education and enlightenment and is also collaborating with the consumer protection council on the review of the consumer protection council act no. 66 of 1992 to enforce discipline in the market. 10. the cbn has taken steps to integrate the banking system into the global best practices in financial reporting and disclosure through the partial adoption of the international financial reporting standards ( ifrs ) in the nigerian banking sector by end 2010. this is expected to enhance market discipline, and reduce uncertainties which limit the risk of unwarranted contagion. the cbn is also, closely collaborating with other stakeholders like the nigerian accounting standard board ( nasb ), federal ministry of finance ( fmf ), ndic, sec, and naicom ; pencom, federal inland revenue service ( firs ), and institute of chartered accountant of nigeria ( ican ), among others, towards ensuring a seamless full adoption of ifrs in the nigerian banking sector by 2012. these efforts are being pursued under the aegis of the roadmap committee of stakeholders on the adoption of ifrs in nigeria inaugurated by the nasb and facilitated by the world bank. 11. the universal banking ( ub ) model adopted in 2001, allowed banks to diversify into non - bank financial businesses. following the consolidation programme in 2004, banks became awash with capital, which was deployed into various high - risk areas. the system was abused by operators with banks engaging in non - banking practices to the detriment of core banking practices. banks took unnecessary speculation provisions and bets on asset prices. to address the observed challenges, the cbn has reviewed the ub model with a view to steering the banks towards core banking businesses. under

lisa d cook : lessons from the american economic association summer program speech by ms lisa d cook, member of the board of governors of the federal reserve system, at celebrating 50 years of the american economic association summer program, washington dc, 14 june 2024. * * * i am delighted to celebrate 50 years of the american economic association's summer program ( aeasp ) with you this evening. 1 this is a momentous achievement and an historic moment. not only is the program's continued success a testament to the dedicated efforts of the various faculty, fellows, and administrators, but it is also a testament to the achievements and efforts of its students and alumni. i am incredibly proud of all of you, the program, and its legacy. as an alumna of the program at stanford university, i was deeply humbled, honored, grateful, and proud to be named co - director and then director of the aea summer program at michigan state university ( msu ) from 2016 to 2020. i am also honored to be the first woman to have served as director of the program and proud to have worked with such an extraordinary group of instructors, administrators, seminar speakers, graduate students, and partners from all over the country who sacrificed their summers and time throughout the year over five years to execute this program each summer. the leadership team - thomas jeitschko, christine moser ( from western michigan university ), antonio doblas - madrid, mary wortley, and kirstin heard - were great colleagues and instrumental in implementing the program each year. finally, i am eternally grateful to the staff and leadership of the american economic association, who provided critical infrastructure, funding, and guidance ; the national science foundation for its investment in training economists and in the future of economics ; the federal reserve bank of chicago, our consummate host during our visit to chicago each summer ; the board of governors and individual federal reserve banks for their support ; and western michigan university, the cosponsor of the program with msu. i would like to share with you just a few lessons i learned while leading the aeasp at msu. although the program's main priority is to teach courses that will encourage and prepare students to pursue further study in economics, i would like to highlight a few other features that i think led to success. first, two key features of the aeasp team and program at msu were humility and agility. as many of