As a result of these changes, large U.S. banks are substantially more resilient to stress than in the past. At the same time, I believe our regulatory measures are most effective when they are as simple and transparent as possible, and it is prudent to periodically review all of our practices to ensure that they are achieving these goals.
Importantly, although CCAR and our regulatory capital requirements share similar ends, they were developed separately, due to the exigencies of the crisis, and this has led to significant redundancies, which I will describe in detail in a moment. Just to name one prominent example, we now have 24 different requirements for total loss absorbency, while before the financial crisis we had 3.