However the lack of such powers for nonbanks made it much more difficult for the authorities to address the  3  See Daniel Covitz, Nellie Liang, and Gustavo Suarez (2013), “The Evolution of a Financial Crisis: Collapse of the Asset-Backed Commercial Paper Market,” Journal of Finance, vol. 68 (June), pp. 815–48.
4  Runs on the repurchase agreement (repo) funding of asset-backed securities were also troublesome for both banks and nonbanks. See Gary Gorton and Andrew Metrick (2012), “Securitized Banking and the Run on Repo,” Journal of Financial Economics, vol. 104 (June), pp. 425–51.