Federal Reserve Board Gov. Elizabeth Duke warned against using regulation to address the "problem of the moment," which could lead to overly restrictive access to credit.

"For example, if, in reaction to the abuses in consumer and mortgage lending over the past few years, we were to focus solely on consumer protection policies, the result could be overly restrictive access to credit, which could threaten future economic growth," Duke said in prepared remarks to a community development conference Wednesday in Cleveland.

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