Breaking: The Federal Reserve says it failed to take forceful action to address problems at Silicon Valley Bank before its collapse, signaling a push to toughen rules for midsize banks
The Federal Reserve’s banking supervisors failed to take forceful action to address growing problems at Silicon Valley Bank before, the central bank’s top regulator said, signaling a broad push to toughen rules on the industry.
Michael Barr, the Fed’s vice chair for supervision, said supervisors didn’t fully appreciate the extent of the vulnerabilities as . When supervisors did find risks, they didn’t take sufficient steps to ensure the firm fixed those problems quickly enough, he said in a report Friday.
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