The Cleveland Fed president dismissed concerns about the central bank's faster payments system competing with The Clearing House's network, while saying that a national digital currency is less of a necessity in the U.S. than in other countries.
Better incentives to lend and invest in underserved communities are also worthy of consideration, Loretta Mester says, as regulators try to blend the best of the Community Reinvestment Act with new ideas in updating its rules.
Federal Reserve Bank of Cleveland President Loretta Mester warned against dismantling core reforms that have made U.S. banks better able to withstand a financial crisis.
Timothy Sloan says Federal Reserve sanctions won’t affect the bank’s stress test submission; not everyone believes the mobile-payment system is worth $100 billion.:
