Regulatory requirements were imposed to guard against the moral hazard that both programs could create. The resulting system meant that there were relatively few liquidity problems in the deposit-funded commercial banking system over the ensuing few decades.
Beginning in the 1970s, deposits began to decline as a proportion of funding for credit intermediation, as the separation of traditional lending and capital markets activities established by New Deal financial regulation began to break down. During the succeeding three decades, these activities became progressively more integrated, as credit intermediation relied more heavily on capital market instruments sold to institutional investors.