The Federal Reserve’s banking supervisors failed to take forceful action to address growing problems at Silicon Valley Bank before it collapsed last month, the central bank’s top regulator said, signaling a broad push to toughen rules on the industry. Yet another report on Friday from the Government Accountability Office, a congressional watchdog, said regulators identified problems at both banks in …
The US Federal Reserve called for greater banking oversight while admitting to its own failures in a widely-anticipated report published Friday into the collapse of Silicon Valley Bank last month. “Following Silicon Valley Bank’s failure, we must strengthen the Federal Reserve’s supervision and regulation based on what we have learned,” Federal Reserve vice chair for supervision Michael Barr wrote in …
