United States regulators have put large banks on notice that tougher oversight is coming, after the Federal Reserve and Federal Deposit Insurance Corp issued detailed reports on what went wrong and where their supervisors came up short in the run-up to the two biggest bank failures since the Great Financial Crisis.On Friday, the US Fed issued a detailed and scathing assessment of its failure to identify problems and push for fixes at Silicon Valley Bank before the lender’s collapse and promised tougher supervision and stricter rules for banks.“SVB’s failure demonstrates that there are weaknesses in regulation and supervision that must be addressed,” Barr said in a letter accompanying a 114-page report supplemented by confidential materials that are typically not made public.
Load More
Load More