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Washington, May 16: Silicon Valley Bank's board of directors and management failed to manage its risks, said US Federal Reserve's Vice Chair for Supervision Michael S. Barr as he laid down four key takeaways from a review report that was conducted immediately after the US-bank failed in March.
The Federal Reserve Board aims to make changes after the recent banking crisis. The failure of Silicon Valley Bank showed a need to strengthen supervision and…
Fed Vice Chair for Supervision Michael Barr said the agency was "carefully considering" rule changes for larger regional banks of over $100 billion in assets.
Greg Becker, former CEO of SVB, apologized in congressional testimony for what he called the "devastating" collapse of the firm while.
Fed Governor Christopher Waller said that climate change risk should not be treated differently than other types of risk for the U.S. banking system