This observation raises some key questions about the longer-term stability of the U.S. and global economies that bear significantly on future economic developments, including the future competitive shape of banking. Among the limits we have been pressing against are those in our external and budget balances.
We are also considering whether to require, along the lines of current industry rules, a written authorization signed by the consumer when the check is converted at a merchant location. I expect that the need for further clarification of regulations by the Federal Reserve will only grow as more innovation occurs within the payments system.