In the case of a banking entity, the systemic impact of any crisis may not remain localised to the banking entity but could under certain circumstances translate into a systemic issue with far greater consequences.
And there is another opportunity to communicate with the Federal Reserve and our fellow regulators that I want to make sure you are aware of. The Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996 tasked financial regulators with reviewing regulations issued by the agencies at least every 10 years to identify outdated, unnecessary, or unduly burdensome regulations.