Regulatory risk aversion contributed to SVB failure – Bowman
Supervisors ‘knew, or should have known’ about risks a year before bank’s collapse, says Fed vice-chair
Federal Reserve staff “knew, or should have known”, about the risks surrounding Silicon Valley Bank for at least a year before its collapse, Michelle Bowman has said.
The Fed’s vice-chair for supervision told attendees at a lunch on September 18 in the City of London about the initial findings of an independent report, commissioned by the Fed but conducted by Starling Bank, about SVB’s collapse’s in March 2023.
Bowman was careful not to assign blame for SVB’s failure to any individual. However
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