6 Regulatory, supervisory, and financial industry reforms since the crisis U.S. regulators have undertaken a number of reforms to address weaknesses revealed by the crisis. The most significant set of reforms has focused on the banking sector and, in particular,  mortgage pools).
As the International Monetary Fund (2014) notes, shadow banking can also be defined according to activities and, indeed, they propose a classification that defines shadow banking as encompassing those activities by banks and nonbanks financed by nontraditional (noncore) liabilities. 3  See Financial Stability Board (2014) for comparisons of the size of the bank and nonbank sectors in other advanced economies.