Board of Governors of the Federal Reserve System

$2 2,918 3,149 2,157 Series - 1996 $100 723 851 1,526 Series - 2004 $5...3 Number and Value of Notes Printed Year 1990 1991 1992 1993 1994 1995

I Trust 2019-L2 Commercial Mortgage Conduit 07/31/2022 31 Thompson Rivers...I Trust 2019-L2 Commercial Mortgage Conduit 07/31/2022 32 Thompson Rivers

T. Kanive, Orono, Minnesota, John N. Kanive, Minnetonka, Minnesota, and...O = Outstanding S = Satisfactory NI = Needs to improve SN = Substantial

I Lending (Table 1, questions 1�6; Table 2, questions 1�6) In the ....3 Of the forty banks that originated nontraditional residential loans

T. Pell, Saint Peter, Minnesota, Sandra S. Pell, Saint Peter, Minnesota...3A1 Liberty Financial Services of Saint Cloud, Inc., Saint Cloud, Minnesota

T. Kanive, Orono, Minnesota, John N. Kanive, Minnetonka, Minnesota, and...O = Outstanding S = Satisfactory NI = Needs to improve SN = Substantial

E. Foreign-related institutions Billions of dollars Account Monthly averages...10.5 10.2 10.4 10.5 10.0 10.3 10.5 16 Nontransaction 635.3 730.6 741.2r

T. Pell, Saint Peter, Minnesota, Sandra S. Pell, Saint Peter, Minnesota...3A1 Liberty Financial Services of Saint Cloud, Inc., Saint Cloud, Minnesota

2%. The middle line, a red dashed line, is labeled $$\pi^e=3%$$, representing...3%. The top line, a green dash-dotted line, is labeled $$\pi^e=4%$$, representing

$2 trillion, after peaking at around $3 trillion in 2007 (Figure 2, left...2.5 percent) and doubled relative to the late 1990s and early 2000s (5.0