[Federal Reserve Board Issues New Policy Statement to Promote Bank Innovation] The Federal Reserve Board on Wednesday withdrew the 2023 policy statement and issued a new policy statement to promote responsible innovation by regulated banks. Regulatory Vice Chair Michelle W. Bowman stated that the Federal Reserve Board is ensuring the safety of the banking industry by creating pathways for innovative products. The new policy statement creates pathways for insured and uninsured state member banks regulated by the Federal Reserve Board to engage in certain innovative activities.