California Bank Regulator Admits Fault in Silicon Valley Bank Failure

California Bank Regulator Admits Fault in Silicon Valley Bank Failure
A customer stands outside of a shuttered Silicon Valley Bank (SVB) headquarters in Santa Clara, Calif., on March 10, 2023. Justin Sullivan/Getty Images
Andrew Moran
Updated:
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California’s bank regulator stated in a new report that it was too slow to address the growing risks and issues at Silicon Valley Bank (SVB) and failed to push the troubled lender to fix its problems.

The California Department of Financial Protection and Innovation (DFPI) published a comprehensive review of what happened with SVB, admitting that staff were not fast enough to realize how large the company became during the coronavirus pandemic. DFPI officials also determined that regulators fell short of understanding the risks of banks becoming too big at such a rapid rate.
Andrew Moran
Andrew Moran
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Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
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