Although the industry's track record with Dodd-Frank implementation is hardly noteworthy, its war game to test regulators' new powers to seize and dismantle a megabank is not only fascinating, it's exemplary.

The Clearing House Association, a trade group made up of the 18 largest banks, spent 10 months and $2 million to plan a simulation of a large bank failure, a bold and massive undertaking.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.