Fed faults Silicon Valley Bank execs, itself in bank failure
The Federal Reserve blamed last monthโs collapse of Silicon Valley Bank on poor management, watered-down regulations and lax oversight by its own staffers, and said the industry needs stricter policing on multiple fronts to prevent future bank failures.
Fed official: SVB itself was main cause of bank's failure
The nationโs top financial regulator is asserting that Silicon Valley Bankโs own management was largely to blame for the bankโs failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse.
Fed official: Bank rules under review in wake of SVB failure
The Federal Reserveโs bank supervisors warned Silicon Valley Bankโs management as early as the fall of 2021 of risks stemming from its unusual business model, a top Fed official said Tuesday, but its managers failed to take the steps necessary to fix the problems.