Under the revised framework, the most complex, systemically important firms are subject to the most stringent requirements, and less-complex firms are subject to less-stringent requirements. In the long run, these changes will lead to fairer, more efficient results, while preserving the safety and soundness of the U.S. banking system and broader financial stability.
Because of the improved regulatory framework in place early this year, banks were in a strong position to deal with the challenges of the COVID event.