Efforts to bring economic relief to households and businesses during the COVID-19 emergency have once again exposed the inadequacy of the U.S. payments system. Many people believe the solution is to have more widespread access to digital payments, yet there is no consensus on which of the available alternatives would best meet the goals of speed, cost‐​effectiveness, inclusion, and continued innovation. This online panel of experts debated the merits and potential downsides of various options, offering a glimpse into the likely evolution of U.S. retail payments in the coming decade.

The Community Reinvestment Act (CRA) requires banks to lend to low‐ and moderate‐​income (LMI) households in the areas where they take deposits. However, the competitive environment is much changed from when the CRA came into force in 1977, and mounting evidence suggests the CRA is either ineffective or damaging. A new study from Cato scholar Diego Zuluaga argues that there is a strong case for repealing the CRA in favor of alternative policies that better achieve its goals.