We encourage a healthy debate about the agencies' proposed initiatives--including the recently revised timeline for Basel II. We look forward to continuing to engage the industry, the Congress, fellow supervisors, and others in a discussion about what effects the Basel II framework and the Basel I revisions might have on our banking system.
Because banking, at its very core, is built on trust between the financial institution and its customers. Trust is not built overnight, but is diligently earned over a period of time. Despite the apprehensions, we cannot fully dismiss the potentials that financial technology has to offer, especially in bridging the financial inclusion gap.