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Speech
Perspectives on the Economic Outlook and Banking Supervision and Regulation; 2017-08-02; The Community Bankers Association of Ohio Annual Convention, Cincinnati, OH
Mester, Loretta J. (2017-08-02)
Today, I enjoy the fruits of the strong relationship that has developed between Ohio bankers and the Cleveland Fed. The bankers who serve on our Community Depository Institutions Advisory Council (CDIAC) and on our board of directors generously provide me with their valuable insights into regional economic and banking conditions. As you all know, community banks play a vital role in the economic health of their communities, providing creditworthy businesses the wherewithal to prosper and households the ability to improve their financial standing and quality of life. Because of their important ...
Speech , Paper 85

Speech
Long-Term Economic Challenges
Evans, Charles L. (2009-01-03)
Remarks by Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Allied Social Science Associations San Franciso, CA
Speech , Paper 24

Discussion Paper
The Treasury Market Practices Group: A Consequential First Decade
Garbade, Kenneth D.; Mithal, Radhika; Keane, Frank M. (2017-09-26)
The Treasury Market Practices Group (TMPG) was formed in February 2007 in response to the appearance of some questionable trading practices in the secondary market for U.S. Treasury securities. (A history of the origins of the TMPG is available here.) Left unaddressed, the practices threatened to harm the efficiency and integrity of an essential global benchmark market. The Group responded by identifying and publicizing “best practices” in trading Treasury securities—a statement of behavioral norms intended to maintain a level and competitive playing field for all market participants. ...
Liberty Street Economics , Paper 20170926

Report
Bank Complexity, Governance, and Risk
Goldberg, Linda S.; Correa, Ricardo (2020-06-01)
Bank holding companies (BHCs) can be complex organizations, conducting multiple lines of business through many distinct legal entities and across a range of geographies. While such complexity raises the costs of bank resolution when organizations fail, the effect of complexity on BHCs’ broader risk profiles is less well understood. Business, organizational, and geographic complexity can engender explicit trade-offs between the agency problems that increase risk and the diversification, liquidity management, and synergy improvements that reduce risk. The outcomes of such trade-offs may ...
Staff Reports , Paper 930

Briefing
Central Bank Digital Currencies and Regulatory Alternatives: the Case for Stablecoins
Sultanum, Bruno (2022-07)
Central bank digital currencies (CBDCs) have been in the spotlight as the Federal Reserve and other central banks explore introducing them. At the same time, stablecoins are also growing in popularity, and many people including politicians and regulators have started discussing how to properly regulate their issuance and use. In this article, I discuss the question of whether a regulatory framework for stablecoins — where regulated banks can issue stablecoins backed 100 percent by deposits at the central bank — could serve as an alternative to issuing CBDCs.
Richmond Fed Economic Brief , Volume 22 , Issue 26

Working Paper
The Impact of Regulatory Stress Tests on Bank Lending and Its Macroeconomic Consequences
Bräuning, Falk; Fillat, Jose (2020-10-01)
We use an expansive regulatory loan-level data set to analyze how the portfolios of the largest US banks have changed in response to the Dodd-Frank Act Stress Test (DFAST) requirements. We find that the portfolios of the largest banks, which are subject to stress-testing, have become more similar to each other since DFAST was implemented in 2011. We also find that banks with poor stress-test results tend to adjust their portfolios in a way that makes them more similar to the portfolios of banks that performed well in the stress-testing. In general, stress-testing has resulted in more ...
Working Papers , Paper 20-12

Discussion Paper
Insider Networks
Erol, Selman; Lee, Michael Junho (2020-06-25)
Modern-day financial systems are highly complex, with billions of exchanges in information, assets, and funds between individuals and institutions. Though daunting to operationalize, regulating these transmissions may be desirable in some instances. For example, securities regulators aim to protect investors by tracking and punishing insider trading. Recent evidence shows that insiders have formed sophisticated networksthat enable them to pursue activities outside the purview of regulatory oversight. In understanding the cat-and-mouse game between regulators and insiders, a key consideration ...
Liberty Street Economics , Paper 20200625

Briefing
Game Changer: The Evolution of Video Games’ Payments Infrastructure
Alcazar, Julian; Baird, Sam (2025-04-09)
Although video games have provided entertainment for decades, their popularity among consumers has surged since the COVID-19 pandemic.[1] As more consumers play video games, companies have changed how they monetize and distribute games to their customers as well as adapted and evolved their payments infrastructure to support new revenue models. Meanwhile, regulators are monitoring the industry due to concerns related to consumer protection, data privacy, and financial crime. This Payments System Research Briefing provides an overview of the video game industry and its evolving revenue models, ...
Payments System Research Briefing

Report
Regulating Decentralized Systems: Evidence from Sanctions on Tornado Cash
Brownworth, Anders; Durfee, Jon; Lee, Michael Junho; Martin, Antoine (2024-08-01)
Blockchain-based systems are run by a decentralized network of participants and are designed to be censorship-resistant. We use sanctions imposed by the U.S. Department of Treasury on Tornado Cash (TC), a smart contract protocol, to study the impact and effectiveness of regulation in decentralized systems. We document an immediate and lasting impact on TC following the sanction announcement, measured by market reaction, transaction volume, and diversity of users. Still, net flows into TC contracts recover to and surpass pre-announcement levels for most pools, supporting viability of TC. ...
Staff Reports , Paper 1112

Discussion Paper
Breaking Down the Market for Misinformation
Cisternas, Gonzalo; Vásquez, Jorge (2022-11-28)
The spread of misinformation online has been recognized as a growing social problem. In responding to the issue, social media platforms have (i) promoted the services of third-party fact-checkers; (ii) removed producers of misinformation and downgraded false content; and (iii) provided contextual information for flagged content, empowering users to determine the veracity of information for themselves. In a recent staff report, we develop a flexible model of misinformation to assess the efficacy of these types of interventions. Our analysis focuses on how well these measures incentivize users ...
Liberty Street Economics , Paper 20221128

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