2  BIS central bankers’ speeches  important firms while fostering greater stability and resilience in the banking system as a whole. Nonbank Financial Firms Gaps in the regulatory structure, which allowed some systemically important nonbank financial firms to avoid strong, comprehensive oversight, were a significant contributor to the crisis.
The Federal Reserve has been working with the other member agencies of the Financial Stability Oversight Council (FSOC), established by the Dodd-Frank Act, to close these regulatory gaps.