7  Circumspection and Innovation at Financial Institutions Although there are opportunities, some leading thinkers argue that banks should distance themselves from innovation and return to a simpler business structure focusing on deposit taking and lending. Such a view is one reflection of the situation that existed before the Global Financial Crisis, at which time banks were jokingly described as "too complex to succeed."
Return to text 3 For a full list of such actions, see Board of Governors of the Federal Reserve System, “Supervision and  Regulation Report (PDF),” November 2020. Return to text 4 Board of Governors of the Federal Reserve System, SR 20–18 / CA 20–13: “Joint Statement on Additional Loan  Accommodations Related to COVID-19."