Fed to publish review of Silicon Valley Bank supervision April 28
Reuters
Published Apr 25, 2023 04:16PM ET
Updated Apr 25, 2023 04:41PM ET
By Hannah Lang and Ann Saphir
(Reuters) -The Federal Reserve will publish its internal review of its supervision of Silicon Valley Bank on Friday, April 28 at 11 a.m. ET (1500 GMT), the central bank said Tuesday.
The review, which is being led by Fed Vice Chairman for Supervision Michael Barr, follows the regional bank's abrupt failure last month. It will include policy recommendations and confidential supervisory information that the Fed typically does not disclose to the public, Barr has said.
Depositors tried to pull more than $42 billion in a single day at SVB in early March, surprising regulators and kicking off deposit flight across other regional banks. The failures of SVB, and days later, Signature Bank (OTC:SBNY), set off a broader loss of investor confidence in the banking sector that pummeled stocks and stoked fears of a full-blown financial crisis.
Barr has criticized SVB for going months without a chief risk officer and for how it modeled interest rate risk, but some lawmakers have questioned whether the Fed was aggressive enough in its supervision of the bank.
The Federal Deposit Insurance Corp is also slated to publish a report detailing its supervision of Signature Bank as well as an overview of the deposit insurance system by May 1.
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Written By: Reuters
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