In my opinion the most significant failure in the banking system was the financial crisis of 2008.

In my opinion the most significant failure in the banking system was the financial crisis of 2008. The factors that caused the financial crisis of 2008 were that in the mid-1990s to the mid-2000s, housing prices increased dramatically creating a housing bubble. At this point mortgage lenders were willing to extend loans to just about anyone, with subline prime loans made to risky borrowers.