WASHINGTON - A Federal Reserve economist argues in a new report that the banking industry is not losing ground to its less-regulated competitors.

"Banks are not dinosaurs," Mark E. Levonian, a research officer, writes in the Federal Reserve Bank of San Francisco's "Weekly Letter."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.