Legacy programming language from 1959 that still runs on some bank mainframes — and the source of the tired "banks run on COBOL" meme used to explain why Legacy Banking is slow. William Hockey pushes back hard: the meme is mostly wrong, banks' real tech teams (including the Federal Reserve's) are better than outsiders think, and the actual bottlenecks are regulation and organizational design, not the language their ledger happens to be written in.