How much diffusion of the current technologies remains to be accomplished? Second, what makes the Internet unique in its potential to improve productivity, and is the potential greater than that of other recent technological developments? What are the potential benefits - and costs - of the adoption of the commercial and communication strategies required to fully use the Internet?
Knowing the burden that third-party monitoring in particular can present to employees of the smallest banks, I have also encouraged Federal Reserve staff to consider options for further tailoring our expectations for community banks with assets under $ billion in this area. Collectively, I view these as important steps to improve the ability of community banks to manage their third-party relationships effectively.