Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
The Federal Deposit Insurance Corp. Inspector General’s review of the FDIC’s actions around the collapse of Signature Bank concluded in a report on Tuesday that the FDIC missed opportunities to downgrade Signature Bank’s management component rating and to further escalate concerns by bank supervisors prior to a fatal run on deposits at the bank on March 10. The FDIC did not always perform supervisory actions in a timely manner, the IG report said.
While the FDIC appropriately downgraded Signature Bank’s liquidity rating, the overall episode warrants review and potential revision to examine guidance on liquidity, the IG report said. In a response to the IG’s report, the FDIC said it agrees with the IG’s findings and that they’re consistent with a report the FDIC issued in April. The FDIC said it has taken measures to address its policies and is working on carrying out the six recommendations in the IG’s report.
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