When I worked at the Federal Reserve, we used to joke that our job was to protect the status quo. The Fed’s mandate has long included financial stability, certainly not financial disruption. But Fed Governor Chris Waller’s speech calling on Fed staff to research the creation of a new “payments account” for nonbank payment providers at this week’s Fed Payments Innovation Conference marks the first serious challenge to the assumption that only banks get to move money in America and who is allowed access to t ...