Drawing on the insights shared by the bankers at the meeting, we have refined our outreach efforts so that they better match the needs of your institutions. A key effort that we have completed since that meeting is the development of Federal Reserve training materials designed to help examiners understand the unique challenges faced by minority depository institutions.
One element of this is maintaining a strong fiscal position and thus providing a buffer in the public finances which will help any adverse developments to be absorbed. This would make it more likely that remedial fiscal measures could be avoided against a background of somewhat reduced economic growth and facilitate a quicker rebound in the performance of the economy.