What caused the big failures during the crisis? "Lousy management and lax oversight. Those are the problems we need to focus on," writes American Banker editor-at-large Barbara Rehm. "And whether anyone wants to admit it or not, those are exactly the problems the Dodd-Frank Act went after."

The legislation gives regulators "everything they need to keep a tight rein on the largest banks” she writes. Now the question is: will regulators actually put these tools to use?

Rehm looks at a history of unused regulations. Will this time be different?

"The regulators understand that if and when there is a problem, they've got nowhere to run," the ABA’s Wayne Abernathy tells her.

Bank of America and Citigroup's voluntary efforts to slim down are evidence that Dodd-Frank is already working to prevent bailouts, she argues.

For the full piece see: "Dodd-Frank Put Solution to TBTF in Regulators' Hands" (may require subscription).