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Reuters/Kevin Lamarque
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The Federal Reserve gave a damning assessment of its own oversight of Silicon Valley Bank, saying supervisors misjudged the lender’s problems and were too slow to act once they became clear.
The report released on Friday is part of the Fed’s review of the second-biggest bank failure in U.S. history. Led by Michael Barr, the Fed’s vice chair of supervision, the central bank signaled a coming overhaul of rules for medium-size lenders, plus changes to how the watchdog oversees the banks it regulates.
Barr called the review “a first step in that process” and “a self-assessment that takes an unflinching look at the conditions that led to the bank’s failure, including the role of Federal Reserve supervision and regulation.”