By providing more certainty to the mortgage market, clear and consistent standards can help ensure the flow of credit to potential borrowers. While much has been done to prevent avoidable foreclosures, more still needs to be done. For our part, the Federal Reserve has been working with financial institutions and community groups around the country to address the challenges posed by problem loans.
Mobile wallets such as Apple Pay and Google Pay are the most prominent examples of this in Australia. In some other countries the big techs are also offering person-to-person transfers and consumer credit products. Facebook also announced its Libra project. The Apple Pay and Google Pay wallets illustrate some of the new and complex issues that are arising.