Silicon Valley Bank failure review finds Fed staff 'should have known' about risks
An independent review found Federal Reserve staff should have known about Silicon Valley Bank's vulnerabilities before its collapse. Vice Chair Michelle Bowman stated the bank failure, the largest since 2008, followed unaddressed risks. The review suggests regulatory oversight failed to identify and act on clear financial risks.
A new review of the Silicon Valley Bank collapse found Federal Reserve supervisory staff “knew or should have known” about the institution’s vulnerabilities, Michelle Bowman, the Fed's vice chair for supervision, said Friday. The initial findings from an outside consulting firm's independent review suggested the biggest bank failure since the 2008 financial crisis resulted from...
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