David Maya

As capital requirements on U.S. banks are relaxed, and regulatory oversight is pulled back, bankers remain ultimately responsible for managing the risk on their books. This will require drawing clear, internal lines of accountability.

Bankruptcies at First Brands and Tricolor should be a wake-up call for banks exposed to the private credit market. Banks should treat indirect lending to shadow banks as a high-risk activity that demands active oversight.

Too often, banks confronting a problem with their anti-money-laundering compliance opt for quick fixes that fail to address the root of the problem. Building a good corporate risk culture takes time and investment.

Regulators must not choke off lending at a time when banks are well positioned to help ease the blow of an economic downturn.

Ten years after the financial crisis, banks need to radically overhaul how their businesses operate.