California regulators acknowledge shortcomings in SVB's downfall.
TL;DR
The California Department of Financial Protection and Innovation has admitted that it was too slow to recognize the growing risks at Silicon Valley Bank and did not act forcefully enough to get the bank to fix its problems. The bank collapsed and failed on March 10 after its depositors rushed to withdraw tens of billions of dollars from the bank in a 21st century bank run. The agency plans to increase staffing to supervise banks with over $50 billion in assets and those that might have high concentrations of deposits in one particular sector.
Topics:businessfinance#bank-failure#bank-regulation#california#finance#financial-crisis#silicon-valley-bank
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