Important changes in regulation and supervision include (1) requirements for more and higher-quality capital and other loss-absorbing capacity at banks; (2) new requirements for liquidity buffers at banks; (3) more stringent capital and liquidity requirements at the largest, most systemically  1  The views expressed here are my own and not necessarily those of others at the Board, on the Federal Open Market Committee, or in the Federal Reserve System.
I am grateful to Michael Kiley and Nellie Liang for their contributions to this speech. 2  See Tarullo (2015), which also provides a complementary review of the structural changes in shadow banking activities that I will highlight.