Last week, the Board heard from members of the Fed's Community Advisory Council that there may be some confusion about commenting on the ANPR because it was not published on an interagency basis.
Safeguarding against risks without curbing innovation is the challenge regulators will face in the near future. Existing rules have been designed for traditional activities and intermediaries. It is more and more difficult to understand how, when, and to which agents they can be applied. The temptation to over-regulate, minimizing the risks at the expenses of innovation, may be great.