The development and enactment of Check 21 offers a good example of this approach. As you may recall, the development of Check 21 began as the result of the banking industry identifying legal barriers to clearing checks electronically - specifically, state laws governing check collection that allow banks to demand that the original checks be physically presented for payment.
Although these laws typically allow banks to agree to alternative presentment arrangements, the large number of banks in the United States has made the widespread adoption of electronic check collection through agreement extremely difficult. The Federal Reserve worked with the banking industry, consumer groups, and legal experts to analyze these barriers to innovation and determine how best to address them.