Considering all of these effects, the staff of the ECB estimate that the impact of our measures on the profitability of the banking sector has been essentially nil for the euro area as a whole.
To address a barrier to the use of electronic payments, the Federal Reserve has recently proposed modifications to Regulation E that would eliminate the requirement for paper receipts on small-dollar payments. 8 The Federal Reserve must, however, also be mindful of how changing payment practices can affect risk in the payments system and take regulatory action, when appropriate.