I plan to set the stage for this conference by focusing on three topics that are of particular interest to the Federal Reserve: changes in consumer credit, changes in the use of payment methods, and regulatory developments that affect both consumer credit and payments. I’ll finish with some comments about the future of consumer payments.
Changes in consumer credit During the recent financial crisis, the Federal Reserve and other policymakers throughout the government took unprecedented actions to mitigate the fallout from severely distressed market conditions and support the flow of credit to consumers and businesses.