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US Fed failure to escalate concerns to banks may have led to SVB fall, GAO says

By Neil Roland ( November 19, 2024, 19:46 GMT | Insight) -- The US Federal Reserve’s weaknesses for escalating supervisory concerns to banks may have contributed to the failure of Silicon Valley Bank in March 2023, the Government Accountability Office said. More generally, the congressional watchdog found five oversight failures at the Fed and the US Federal Deposit Insurance Corporation related to escalation procedures. The report didn’t find any notable escalation failures at the third major bank overseer, the Office of the Comptroller of the Currency.The US Federal Reserve’s weaknesses for escalating supervisory concerns to banks may have contributed to the failure of Silicon Valley Bank in March 2023, the Government Accountability Office said....

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