Michael S. Barr: “We need a system that is protective of consumers and investors, a strong and uniform protection across our financial…”

FinCEN, and Treasury, should be following the money in these areas to expose the relationships between the cartels and the illicit financing.

I think it saved a lot of small businesses, households, community banks, and regional banks from a kind of contagion.

The report that we released suggests that both the Board in Washington and the San Francisco Fed did not hold up the bank with enough pressure.

We definitely want innovation in our banking system. Innovation has been critical to having a thriving financial sector and a thriving economy.