According to CNBC, too-big-to-fail is not hitting the mark in saving the nation from a future banking crisis. More regulation, legislation and internal cooperation is necessary to address the moral hazards posed by banks, the publication says.

"While much has been accomplished over the past few years, more needs to be done," Financial Stability Board Chairman and Bank of England Governor Mark Carneysaid."In particular, jurisdictions need to implement fully the internationally agreed policies through additional legislation and regulation; cross border co-operation agreements must be struck, and policies for gone concern loss absorbing capacity should be developed."