Bank regulators in the United States have turned from introspection to confession after the high-profile bank failures in March. The New York Department of Financial Services (NYDFS) published its internal review of Signature Bank supervision on April 28, the same day the U.S. Federal Reserve Board released its review of the handling of Silicon Valley Bank (SVB).
The banks closed within days of each other, with California regulators shuttering SVB on March 10 and the NYDFS moving against Signature Bank on March 12. Crypto-friendly Silvergate Bank had preceded them, announcing its voluntary liquidation on March 8 and setting off runs on the banks. The string of failures set off shockwaves serious enough that U.S. President Joe Biden felt the need to tweet a response.
The Fed review started with findings that had been noted by commentators: SVB’s management failed to manage its risks, and supervisors “did not fully appreciate the extent of the vulnerabilities” of the bank as it “grew in size and complexity,” even though “SVB’s foundational problems were widespread and
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Author: Derek Andersen
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