9 See Board of Governors of the Federal Reserve System (2020), Financial Stability Report (Washington: Board of Governors, November), https://www.federalreserve.gov/publications/files/financial-stabilityreport-20201109.pdf. 8  -4the importance of consistent, comparable, and reliable disclosures to financial stability and prudential objectives, mandatory disclosures are ultimately likely to be important.
10 There are situations, however, where microprudential and macroprudential goals do not fully align so that it is important to take into account the implications both for individual firms’ safety and soundness and also for the broader financial system.