Despite there being a potential "lull" in product innovation as financial firms prepare for a more stringent regulatory landscape, the ongoing financial crisis underscores the need for a stronger and safer consumer credit system, a top Federal Reserve official said today. "I have every confidence that competition will ultimately restore innovation, but with products that are safer, simpler, and more transparent to consumers," Fed Board Governor Elizabeth Duke said, outlining five principles that she believes can guide industry and policymakers toward "balancing access to credit and sound risk management."