A report from California’s department devoted to business oversight says state and federal regulators saw reasons for concern over Silicon Valley Bank’s financial practices, but didn’t force changes soon enough. by GraceGedye
The Silicon Valley Bank sign hangs above one of its branches in San Jose on March 13, 2023. Photo by Benjamin Fanjoy, AP PhotoA report from California’s department devoted to business oversight says state and federal regulators saw reasons for concern over Silicon Valley Bank’s financial practices, but didn’t force changes soon enough.
The report came from California’s Department of Financial Protection and Innovation, which, among other responsibilities, works with federal regulators to oversee state banks. Some of that oversight happens in the form of bank “exams,” where government workers go in and investigate a bank’s solvency, management and more.
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