The case shows how regulators' actions can be supplemented by private actions.
There is no guarantee that the regulators' actions will even work beyond the very short term.
The fact that the regulators' actions were not more serious reportedly came as something of a relief for bank officials.
Even with the flawed review ending, Mr. Curry voiced hope that regulators' actions would assuage concerns about the foreclosure process.
Still, Ms. Yellen defended the banking regulators' actions, testifying that the Federal Reserve had already begun a review of practices at all of the largest banks.
Nonetheless, experts said the regulators' actions were unusual measures taken because of substantial problems with the way the Bank of New York supervised accounts handling funds from overseas, particularly from Russia.
The extent of regulators' actions against Nomura was crucial, and little short of a business termination order could convince investors that Japanese regulators were serious about a crackdown, he said.
A broad endorsement of implied pre-emption based on regulators' actions rather than on statements in laws enacted by Congress could shut down countless injury suits in cases involving not only drugs but also motor vehicles, household products, chemicals and agricultural products.
While the Federal Reserve and the New York State Banking Department took the Bank of New York to task for lax auditing and risk management procedures in businesses involving international banking, funds transfers and stock listings for foreign companies, the fact that the regulators' actions were not more serious comes as something of a relief for the bank.
Even with the financial reform legislation that Congress introduced last week, David A. Moss, a Harvard Business School professor, said he was concerned that the government had not developed a blueprint for stabilizing markets when huge companies like A.I.G. run aground and, for that reason, regulators' actions during the financial crisis need continued scrutiny.
