Silicon Valley Bank failure review finds Fed staff ‘should have known’ about risks

'Should have known' is the softest verdict a regulator can hand itself.

A new review of the Silicon Valley Bank collapse found Federal Reserve supervisory staff “knew or should have known” about the institution’s vulnerabilities, Michelle Bowman, the Fed’s vice chair for supervision, said Friday. The initial findings from an outside consulting firm’s independent review suggested the biggest bank failure since the 2008 financial crisis resulted from…

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