The LEI solution would be used by both firms and regulators to facilitate better counterparty and systemic risk management as well as regulatory reporting. As regards individuals, the Aadhaar system devised by the Unique Identification Authority of India (UIDAI) will seek to minimise or eliminate duplicate identity using the biometrics feature to do so.
Among other things, the subcommittee also monitors the Federal Reserve’s working relationship with state banking supervisors, which is particularly important because we share with them supervisory responsibility for state member banks. We have also undertaken an initiative to solicit feedback from community banks on a more regular basis.