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Press Release

Cleveland Fed marks 10 years since the start of the Great Recession by outlining some lessons learned

Recession retrospective examines changes experienced by consumers, regulators, and the banking industry

A decade since the start of the Great Recession, the costs and consequences of the financial crisis remain clear, as do the risks of ignoring potential signs of the next one. So what’s changed in the decade since the Great Recession began? How have those changes impacted the banking industry and consumers? And are we any better protected from the next financial crisis?

In the Federal Reserve Bank of Cleveland’s recession retrospective, bank examiners, risk managers, economists, and others discuss:

  • How additional regulations such as Dodd-Frank have altered the financial industry
  • What expectations around liquidity and risk mean for banks and consumers
  • Why the most important takeaway from the crisis might be the questions that consumers should be asking themselves before they take out a loan today.

The retrospective also highlights potential risks to financial stability today, including the rise of so-called shadow banking including hedge funds, certain investment banks, and alternative types of digital payment products.

Featured interviews with Cleveland Fed vice president of large bank supervision Jenni Frazer, senior bank examiner John Shackelford, and deputy central point of contact in large bank supervision Tyler Burkle offer new perspectives on the historic crisis and response revealing how the industry and its regulators have acted to better position banks for when, not if, the next downturn strikes.

Explore the full multimedia experience, The Crisis, the Fallout, the Change: The Great Recession in Retrospect, here.

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell,, 513.218.1892