California's bank regulator said Monday that it was too slow to see the growing risks at Silicon Valley Bank and did not act forcefully enough to get the...
NEW YORK — California’s bank regulator said Monday that it was too slow to see the growing risks at Silicon Valley Bank and did not act forcefully enough to get the bank to fix its problems.
A report from the California Department of Financial Protection and Innovation echoed similar findings in a Federal Reserve report looking at its own supervision of Silicon Valley Bank. The Fed was highly critical of its own role in the bank’s failure, saying its supervisors were also too slow or too unwilling to press the bank’s management to address issues.
California has been the banking turmoil’s epicenter. San Francisco-based First Republic was closed by regulators and sold to JPMorgan Chase JPM last week. PacWest Bank PACW , based in Los Angeles, was pummeled by financial markets last week after First Republic failed.
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