This certainly isn't the biggest issue he mentions, but it happens to agree with one of my opinions, so I'll quote it:
12) Money market funds — “Money market funds have encroached so much on the banking market. They are nothing, in my view, but a regulatory arbitrage. The purpose that they serve in handling payments and short term paper is a commercial banking function” but they don’t hold the capital or face the regulation of banks.
To me, it's just one example that I can understand of how regulators didn't want to expand bank regulations to cover shadow banking. I'm encouraged by the comment in the article that he finds the fin reg bill useful. But personally, I think I'll stay way over-weighted in TIPS.