Regulators have learnt many lessons from the global financial crisis, chief among which is the need to improve the monitoring, surveillance and governance of financial institutions to guard against current risk as well as to prepare them for potential future shocks. In 2013, we took determined steps to improve the regulatory and supervisory landscape facing financial institutions and give it a more forward-looking approach.
Banks are adopting the latest technological innovations to provide their customers with new and improved services and preparing to be century date change compliant. By continuing to provide payment services, the Federal Reserve would enable banks and service providers to continue to focus on these future oriented efforts.