“Banks don’t have a monopoly on systemic risk. While everyone remembers the collapse and subsequent bailout of global insurance company AIG back in 2008, other nonbanks like GE Capital, money market mutual funds, and the short-term wholesale funding markets also contributed significantly to the financial crash of 2008. That happened because banks and nonbanks alike were deregulated, unregulated and unpoliced.”

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Read the full American Banker op ed by Dennis Kelleher here.