These scenarios envisioned future roles in which the Federal Reserve would (1) merely ensure that all banks had access to our existing check and ACH services, which many saw as a de facto exit strategy, (2) use our operational BIS Review 88/1997  -5-  presence to stimulate development of more cost-effective and efficient payment methods, or (3) take aggressive steps to expedite the movement to an electronic-based retail payments system.
For us, consumer protection activities represent a daily task that we exercise with the utmost seriousness, and this day will be used as an opportunity to make a general reflection on these activities.