Under the main bank system, borrower information has been shared only between the borrower and its main bank, and neither party has been especially averse to this arrangement. It is always difficult to change such established practices.
Finally, I thank my colleagues throughout the Federal Reserve System for the remarkable resourcefulness, dedication, and stamina they have demonstrated over the past two years under extremely trying conditions. They have never lost sight of the importance of the work of the Federal Reserve for the economic well-being of all Americans.