INCREDIBLE STATEMENT from the Fed that **rips** the big 3 banking cores (but without naming them. I'll name them: FIS, Fiserv & Jack Henry). They are the biggest reason why tech in the US banking sector lags so far behind that of fintechs & securities, as well as the rest of the world's banks. What's missing from the Fed's statement, tho, is the Fed's own role in creating this outcome. About 30 yrs ago, the Fed bestowed an oligopoly on these 3 companies by forcing most of the ~9,000 holders of Fed accounts to integrate with the Fed only thru one of these 3 Fed-approved integrators, rather than directly with the Fed. Look at what that policy has wrought--community banks held hostage by this oligopoly, which tries to sign them up to unchangeable contracts that can be 10 years long, lack of competition, vendor lock-in, and no incentive to innovate. It's a very broken system. Good for the Fed that it's starting to address the core problem, but it won't really be fixed until the Fed allows A LOT more banks to integrate with it directly.