The global environment in which we now function in the wake of the global crisis and  2. Our current domestic environment following the impact of the crisis. We must also acknowledge that this time is different. The new landscape is that of a low growth / high unemployment trajectory with high sovereign debt and fragile financial systems.
In fact, most of the technology related issues we have encountered as supervisors, such as problems integrating disparate systems that invariably arise in bank mergers, are not the result of inadequate technology, but of inadequate planning or project management. The Federal Reserve has reviewed more than a dozen bank holding company applications over the last year or so that have involved Internet ventures.