Susan Schmidt Bies: Innovation in financial markets and banking relationships Speech by Ms Susan Schmidt Bies, Member of the Board of Governors of the US Federal Reserve System, at the Financial Executives International 2004 Summit, San Diego, California, 27 April 2004. *  *  *  I am very pleased to be here for the Financial Executives International 2004 Summit.
In carrying out this mandate, we have drawn up a set of banking regulations that take into consideration the peculiarities of microfinance lending: cash flow-based, typically unsecured and short-term, high frequency collections, and often featuring group guarantee and other non-traditional forms of security.