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Rapid growth, uninsured deposits among factors in Signature Bank collapse, New York Financial Services Department says

( April 28, 2023, 20:21 GMT | Official Statement) -- MLex Summary: The New York State Department of Financial Services released a report highlighting a combination of factors contributing to Signature Bank's collapse in March 2023. These factors include heavy reliance on uninsured deposits, rapid growth which outpaced the development of its risk control framework, and inadequate liquidity risk management in the years leading up to the collapse. The department further identified ways the bank supervisory process could be improved, including updating policies and procedures to reflect the rapid pace of the modern financial system, rebuilding examination capacity, operational stress testing, establishing clear escalation procedures to address repeat regulatory findings, and strengthening regulatory tools to hold executives accountable following bank failures. See document below....

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