SVB's Collapse Sparks Questions and Blame Game.
Customers of Silicon Valley Bank tried to withdraw $142 billion, or 81% of the bank's deposits, over two days before it was seized by regulators on March 10. Federal Reserve Vice Chair for Supervision Michael Barr testified before the Senate Banking Committee that the bank had warned SVB management about the risk of higher interest rates in November 2021, but the bank "failed to address" the concerns in a timely manner. Barr and other regulators pointed to mismanagement by bank executives and suggested that banks with assets of more than $100 billion may need stricter rules.