Former FDIC chairman William Isaac and former Wells Fargo CEO Richard Kovacevich argue that had Dodd-Frank been in place before the mortgage crisis, the legislation would not have prevented it. What was really at lacking, they said in a CNBC interview, was regulatory leadership.

 "There were five safety valves that usually keep things under control that all failed," said Kovacevich.

"The only issue is, do you have the political will to take action?" said Isaac.

The pair has discussed Dodd-Frank in many of their BankThink columns.

For the CNBC recap of the interview see "Dodd-Frank Won't Prevent Another Financial Crisis: Pros" (may require subscription).