SVB Under Fed Scrutiny for Over a Year Amid Examiner Changes

The Federal Reserve Bank of San Francisco appointed a more senior team of examiners to assess SVB Financial Group's Silicon Valley Bank just over a year before its collapse. The upgraded crew fired off a series of formal warnings to the bank's leaders, pressing them to fix serious weaknesses in operations and technology. However, the relatively late discovery of so many flaws raises questions about whether the Fed was diligent in stepping up oversight as the firm was ballooning in size. On Friday, Santa Clara, California-based SVB Financial filed for Chapter 11 bankruptcy protection.