The Federal Reserve blamed last month’s collapse of Silicon Valley Bank on poor management, watered-down regulations, and lax oversight by its own staffers, adding that the.
The Federal Reserve blamed last month’s collapse of Silicon Valley Bank on poor management, watered-down regulations, and lax oversight by its own staffers, adding that the industry needs stricter policing on multiple fronts to prevent future bank failures. The Fed was highly critical of its own role in the bank’s failure in a report released Friday. The report, compiled by Michael Barr, the Fed’s chief regulator, says bank supervisors were slow to recognize blossoming problems at Silicon Valley Bank as it quickly grew in size in the years leading up to its collapse, per the AP.
