Some crises seem to come out of the blue, while others take place in slow motion. The failure of Silicon Valley Bank (SVB) qualifies for the former, while the failure of First Republic Bank (FRB) w…
It wasn’t a surprise when the FDIC announced that it was seizing and selling the bulk of the institution to JP Morgan Chase, but it capped an intense seven-week period that resulted in shuttering of three mid-sized U.S. banks: SVB, Signature Bank and FRB.
Coincidentally, the failure of FRB occurred just days after the Federal Reserve’s report on what happened at SVB. The 118-page Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank provided a rare look into the opaque and often-shrouded processes that occurs at the nation’s central bank and at its 12 regional banks.
According to Michael Barr, the current vice chair of supervision at the Federal Reserve, Fed officials “did not fully appreciate the extent of the vulnerabilities as Silicon Valley Bank grew in size and complexity.” And when spotting problems, “they did not take sufficient steps to ensure that Silicon Valley Bank fixed those problems quickly enough.”
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