Banking regulation in the US has two separate but closely related elements: regulation and supervision. These terms are often used interchangeably, even by professionals in the field. Not all activities by regulatory agencies fall squarely in one category or another. But there are important distinctions between the two. Understanding the distinctive roles associated with each…

Advocates for recent changes to bank regulation and supervision have characterized these efforts as merely an attempt to restore balance and to prioritize substance over form. More neutral observers also accept much of this premise. But is this really the case? Or are terms like reform, modernization, and material financial risks masking how extreme some…