From the transcript

We have concerns, of course, with uninsured institutions because they, of course, run and would not have the protection of deposit insurance. Beyond that, it's critically important, as the Fed does acknowledge, that institutions with access to the Fed payment systems and a master account, you know, do not have the ability to present credit risk to the Reserve Bank itself, to present settlement risk to other participants participants in the payment ecosystem and that they do not serve as a transmission vector for illicit finance risk into the system. So we have encouraged— we would encourage the Fed to proceed slowly if it does, in fact, move to implement the payment account as it has proposed and to study this question of whether it would hasten a shift from insured depository institutions to uninsured and what the implications would be for that and whether that would fundamentally change the Fed's role in the economy by expanding its balance sheet, for example. In addition, we have encouraged the Fed to require the strictest BSA and AML and illicit finance controls and risk management requirements, as well as cybersecurity risk management requirements and data protection controls to ensure that consumers' sensitive financial data remains secure. All right, thank you, uh, very much.