Two years after Silicon Valley Bank's collapse sparked a regional banking crisis, the financial services industry looks dramatically different. The failures of SVB, Signature Bank, and First Republic triggered a wave of consolidation that has reduced the number of U.S. banks and concentrated assets among the largest institutions.

Community and regional banks have invested heavily in technology and risk management to avoid being caught in similar situations. Deposit insurance debates continue in Congress, while regulators have implemented stricter capital requirements for mid-sized banks.

"The 2023 crisis was a wake-up call that the industry needed," said FDIC Chair Martin Gruenberg.