One of the reasons for the perpetuation of the global financial crisis was that financial innovation resulted in creation of products that were not suited to consumer requirements. Also, these products had risk profiles that were not fully understood by consumers or financial market participants. The crisis was an instance of financial innovation growing beyond consumer expectations and hence, contributing to financial system vulnerability.
The draft agreed upon among the banking agencies and approved unanimously by the Federal Reserve's Board of Governors in late March is just short of 450 pages.