The Federal Reserve also engages in ongoing communication with other regulators to promote, to the greatest extent possible, consistency in approaches and alignment of supervisory requirements. Exchanging ideas and discussing fintech innovations with other regulators is critical to understanding and vetting risks and, where appropriate, reaching consistent views regarding the application of laws, regulations, or guidance. Finally, we recognize the value of technical expertise.
Dear Volker, Thank you very much for your invitation and for organising this conference as a hybrid event. In times like these, we are becoming more and more experienced in communicating virtually. Nevertheless, there is always a lingering sense of uncertainty about whether the technical set-up will work properly.