The Federal Reserve’s internal watchdog said the central bank’s supervision of Silicon Valley Bank did not keep pace with the firm’s growth and increased complexity before it collapsed in March, according to a report released on Thursday.
“With the benefit of hindsight … we noted multiple instances in which the Board and [the Federal Reserve Bank of San Francisco] should have acted earlier or taken stronger action to address identified weaknesses at SVB,” the Fed’s Office of Inspector General said in a 53-page report.29
