None of the eight systemically important banks, which the U.S. government considers "too big to fail," fared well in the evaluations.

Now that I have your attention, we can talk about the financial service needs of the working poor comprised of the financially disenfranchised, immigrants and lower tier of the middle class and which type of banking institution is positioned to best meet their needs.

Back in August, we explained the mechanics of how the Fed can tighten policy in today's world of abundant bank reserves. Now that the first policy tightening under the new framework is behind us, we can review how the Fed did it, if there were any surprises, and what trials still lie ahead.

Protecting the American people from another devastating financial crash and the economic wreckage it causes begins with reflecting honestly about the past and trying to learn the right lessons.

While there is a presumption that directors and officers act with due care on an informed basis in a good faith belief that their actions are in the best interest of the corporation, the presumption is not absolute.