Ten years after the financial crisis, the regulatory pendulum has swung in banks’ direction.

The economy is humming, new laws rolling back taxes and bank rules have been enacted, and there’s a deregulatory shift underway across the Trump administration.

It can almost start to seem like business as usual again in Washington.

“The banks have their swagger back,” said Neel Kashkari, president of the Federal Reserve Bank of Minneapolis.

But scratch beneath the surface and the crisis remains surprisingly relevant in the national political debate today, and the memory of the damage it did poses a greater threat than many bankers would like to admit.

The crisis played an outsized role in creating a divided and polarized Washington D.C. It helped push both parties further to the extremes, overturned the compromise-and-consensus playbook on financial issues and left the banking system vulnerable to much wider swings of the policy pendulum. The populist forces unleashed by the crisis are still at large in both political parties, and banks remain a primary target.

Read more in American Banker.