Fed inquiry into SVB out this week
WASHINGTON
The widely anticipated Federal Reserve report into the supervision and regulation of failed high tech lender Silicon Valley Bank (SVB) will be published on April 28 morning, the Fed said.
The findings will offer an in-depth look at some of the regulatory failings that led to SVB’s rapid collapse in March.
The report by the Fed’s vice chair for supervision, Michael Barr, will be published at 11 a.m. (15 GMT), the Fed announced in a statement.
SVB’s failure sparked a broader sell-off of banking stocks by concerned investors, which caused the collapse of another regional U.S. lender, Signature Bank.
Uncertainty in the wider banking sector also led to the merger, under financial pressure, of Swiss banking giant Credit Suisse with regional rival UBS.
Barr has previously said that “no limitations” would be placed on Fed staff members as they conduct their review into the US central bank’s supervision and oversight of the firm.
The Federal Deposit Insurance Corporation is conducting its own report into SVB’s failure, which it has said will be published by May 1.
