And, as I will describe a bit later, through supervisory practice they administered some statutory requirements differently based on the size of banks and the scope of their activities. But the starting point was a more or less similar set of statutory requirements.
The Dodd-Frank Act explicitly broke with this traditional approach by creating prudential requirements that vary with the size or systemic importance of banking organizations. Of particular importance is the Dodd-Frank Act emphasis on financial stability, both in markets generally and with respect to the largest financial firms, which had been associated with market perceptions that they were too big to fail.