The Federal Reserve’s top banking regulator said Monday that the failure of Silicon Valley Bank was due largely to mismanagement, though he noted that regulation and oversight also need to step up.
Fed Governor Michael Barr, the central bank’s vice chair for supervision, insisted in prepared remarks to two congressional panels that regulators had noted issues with SVB’s risk management, but the bank was too slow to respond.
Source : Fed’s Barr cites Silicon Valley Bank failure as ‘textbook case of mismanagement’