California regulator admits 'inadequate' oversight of SVB

DFPI review

Elliot Gulliver-Needham
clock • 1 min read

The California Department of Financial Protection and Innovation has said regulators “did not take adequate steps” to ensure Silicon Valley Bank’s problems did not lead to a collapse.

In a report titled Review of DFPI's Oversight and Regulation of Silicon Valley Bank, the regulator laid the blame for the US regional bank's collapse last month at the feet of both regulators and the bank itself. IMF: 'The story is not over' on banking turmoil The post-mortem found SVB had been slow to properly disclose and fix deficiencies within it, and the regulator had not taken adequate steps to ensure the bank resolved its problems as fast as possible. While DFPI was partially response for regulation of the bank, primary oversight had been conducted by the Federal Reserve Ban...

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