https://sputnikglobe.com/20230329/us-federal-reserve-system-launches-internal-probe-into-svb-failure-media-reports-1108922059.html
US Federal Reserve System Launches Internal Probe Into SVB Failure, Media Reports
US Federal Reserve System Launches Internal Probe Into SVB Failure, Media Reports
Sputnik International
The US Federal Reserve System's internal watchdog has launched an investigation into the bankruptcy of Silicon Valley Bank (SVB) to assess the bank's supervision by the Federal Reserve Board of Governors in Washington and experts at the San Francisco Board of Directors, media reported on Wednesday, citing the regulator's spokesman.
2023-03-29T12:37+0000
2023-03-29T12:37+0000
2023-03-29T12:37+0000
economy
silicon valley bank collapse
silicon valley bank
us federal reserve
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The report said that the investigation started on March 14. The reserve system's inspector general, Mark Bialek, would provide recommendations after the probe if necessary and complete the review within six months, the report also said. On March 10, US federal regulators closed SVB, the largest US bank to collapse since the 2008 financial crisis and the second largest implosion in the country's history. Later that week, the New York-based Signature Bank was seized in the third largest bank collapse in US history. Both lenders, which catered largely to the tech sector, became victims of a bank run.
https://sputnikglobe.com/20230328/irresponsible-not-to-fix-us-banking-after-crisis---fed-supervisory-chief-1108885025.html
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federal reserve, silicon valley bank, silicon valley bank collapse, banking crisis
federal reserve, silicon valley bank, silicon valley bank collapse, banking crisis
US Federal Reserve System Launches Internal Probe Into SVB Failure, Media Reports
MOSCOW (Sputnik) - The US Federal Reserve System's internal watchdog has launched an investigation into the bankruptcy of Silicon Valley Bank (SVB) to assess the bank's supervision by the Federal Reserve Board of Governors in Washington and experts at the San Francisco Board of Directors, media reported on Wednesday.
The report said that the investigation started on March 14.
The reserve system's inspector general, Mark Bialek, would provide recommendations after the probe if necessary and complete the review within six months, the report also said.
"Consistent with the IG Act, we have the same independence and authorities afforded to all Inspectors General to audit and investigate the Board. We have and will continue to provide independent and robust oversight over both the Board and the CFPB [Consumer Financial Protection Bureau]," the inspector general's office reportedly said in a statement.
On March 10, US federal regulators closed SVB, the largest US bank to collapse since the 2008 financial crisis and the
second largest implosion in the country's history. Later that week, the New York-based Signature Bank was seized in the third largest bank collapse in US history. Both lenders, which catered largely to the tech sector, became victims of a bank run.
