Efforts to whitewash recent banking history is an unnecessary sidebar that fuels culture-war grievances while an opportunity for real justice remains on the table.

The Federal Reserve’s top bank cop said the regulator should weigh how its liquidity rules affects lenders during times of volatility and address weaknesses in the framework.

Federal Reserve Vice Chair for Supervision Michelle Bowman said in a speech Tuesday that the central bank is considering a "fundamental reform" of the discount window, including streamlining rules and ...