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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

Journal Article
The Gordon Gekko effect: the role of culture in the financial industry
Lo, Andrew W. (2016-08)
Culture is a potent force in shaping individual and group behavior, yet it has received scant attention in the context of financial risk management and the 2007-09 financial crisis. This article presents a brief overview of the role of culture as it is seen by psychologists, sociologists, and economists, and then describes a specific framework for analyzing culture in the context of financial practices and institutions. Using this framework, the author addresses three questions: (1) what is culture? (2) does it matter? and (3) can it be changed? He illustrates the utility of this framework by ...
Economic Policy Review , Issue Aug , Pages 17-42

Working Paper
The Aggregate Implications of Size Dependent Distortions
Roys, Nicolas (2016-10-05)
This paper examines the aggregate implications of size-dependent distortions. These regulations misallocate labor across firms and hence reduce aggregate productivity. It then considers a case-study of labor laws in France where firms that have 50 employees or more face substantially more regulation than firms that have less than 50. The size distribution of firms is visibly distorted by these regulations: there are many firms with exactly 49 employees. A quantitative model is developed with a payroll tax of 0.15% that only applies to firm above 50 employees. Removing the regulation improves ...
Working Papers , Paper 2016-24

Journal Article
Technological Change and Central Banking
Andolfatto, David (2024-01-05)
The decentralized autonomous organization (DAO) represents a radically new way to manage databases. Since money and payments are all about managing databases and since banks play a central role in money and payments, DAO-based money and payments systems are potentially a disruptive force in the banking system—which includes central banks. One would normally expect regulatory frameworks to evolve with a changing technological landscape. However, the decentralized governance structure characteristic of DAOs renders it near impossible to regulate these entities directly—a property that makes ...
Review , Volume 106 , Issue 1 , Pages 1-9

Regulating Fintech: One Size Does Not Fit All
White, Carl (2021-02-24)
As fintech companies make inroads into banking, they have raised regulatory issues at the state and federal levels.
On the Economy

Working Paper
Embedded Supervision: How to Build Regulation into Blockchain Finance
Auer, Raphael (2019-10-01)
The spread of distributed ledger technology (DLT) in finance could help to improve the efficiency and quality of supervision. This paper makes the case for embedded supervision, i.e., a regulatory framework that provides for compliance in tokenized markets to be automatically monitored by reading the market?s ledger, thus reducing the need for firms to actively collect, verify and deliver data. After sketching out a design for such schemes, the paper explores the conditions under which distributed ledger data might be used to monitor compliance. To this end, a decentralized market is modelled ...
Globalization Institute Working Papers , Paper 371

Newsletter
The Winds of Change for Community Banking: Headwinds, Tailwinds, and Regulation
Marquart, Blake; Nashar, Joseph; Bonilla, Romel; Emmerich, Adam; Cooper, Jenna; Hembd, Theresa; Kennedy, Pamela (2018)
The 12th annual Community Bankers Symposium, cosponsored by the Federal Reserve Bank of Chicago, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), was held at the Chicago Fed on November 17, 2017. During a full day of speeches and panels, a group of 125 community banking executives, financial industry practitioners, and supervisory agency professionals who work in the Seventh Federal Reserve District1 explored the changing landscape for community banking. This article summarizes the event?s key presentations and discussions.
Chicago Fed Letter

Report
Unintended Consequences of "Mandatory" Flood Insurance
Blickle, Kristian S.; Santos, João A. C. (2022-04-01)
We document that the quasi-mandatory U.S. flood insurance program reduces mortgage lending along both the extensive and intensive margins. We measure flood insurance mandates using FEMA flood maps, focusing on the discreet updates to these maps that can be made exogenous to true underlying flood risk. Reductions in lending are most pronounced for low-income and low-FICO borrowers, implying that the effects are at least partially driven by the added financial burden of insurance. Our results are also stronger among non-local or more-distant banks, who have a diminished ability to monitor local ...
Staff Reports , Paper 1012

Discussion Paper
Analyzing the Effects of CFPB Oversight
Plosser, Matthew; Fuster, Andreas; Vickery, James (2018-10-09)
The Consumer Financial Protection Bureau (CFPB), created in 2011, is a key element of post-crisis U.S. financial regulation, as well as the subject of intense debate. While some have praised the agency, citing the benefits of consumer financial protection, others argue that its activities involve high compliance costs, increase uncertainty and legal risk, and ultimately reduce the availability of financial services for consumers. We present new evidence on whether the CFPB’s supervisory and enforcement activities have significantly affected the supply of mortgage credit, or had other ...
Liberty Street Economics , Paper 20181009

Working Paper
Banking on the Boom, Tripped by the Bust: Banks and the World War I Agricultural Price Shock
Wheelock, David C.; Jaremski, Matthew (2017-11-03)
How do banks respond to asset booms? This paper examines i) how U.S. banks responded to the World War I farmland boom; ii) the impact of regulation; and iii) how bank closures exacerbated the post-war bust. The boom encouraged new bank formation and balance sheet expansion (especially by new banks). Deposit insurance amplified the impact of rising crop prices on bank portfolios, while higher minimum capital requirements dampened the effects. Banks that responded most aggressively to the asset boom had a higher probability of closing in the bust, and counties with more bank closures ...
Working Papers , Paper 2017-36

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