Financial instability, however, can arise even if macroeconomic fundamentals are good and monetary policy is sound, simply because of shocks that are unforeseen by policymakers or that cannot be prevented from occurring. In this case, monetary policy can also be useful because it can help forestall the negative macroeconomic consequences of financial instability.
In addition, several Reserve Banks also participate in the Bank On initiative, a nationwide effort (with 90 local coalitions) to move the unbanked into the banking system by promoting access to safe, standardized low-cost transactional accounts. 8 United States v. Meta Platforms, Inc., No. 1:22-cv-05187 (S.D. New York, June 21, 2022).