They improved operational resiliency, so banks could keep their doors open and their lights on after a shock. As a result, banks entered this crisis in a position of strength. Over the past two months, the Federal Reserve took more than 30 supervisory and regulatory actions to ensure financial institutions could use this strength to support consumers, households, and businesses.
On the other hand, financial regulators are struggling to understand the implications of digital innovations because there is hardly any consistent statistical information on how those innovations change market structures. Following the financial crisis, new statistical projects have thus been launched that decouple monitoring from regulation and that satisfy the data needs of a wide range of policy fields.