Report Cards: One B, One C, One D, And One Pass
As promised at recent hearings (see Client Report REFORM218), the Fed and FDIC released their internal reports on recent bank failures even as the GAO took them both on in a scathing report on both SVB and Signature’s demise.
GOP Expands Attack On Fed Supervisory Actions
In yet another letter ahead of next week’s hearings, Senate Banking Ranking Member Scott (R-SC) and all Republican Members of the committee asked Fed Chairman Powell and FRB-SF President Daly a series of questions asserting that SVB’s failure reflects significant supervisory lapses.
FSOC Breaks The Glass
Although there is no formal announcement, FSOC will hold what is clearly an emergency, closed meeting later today per a new media advisory.
Top HFSC Republicans Join SVB-Supervisory Inquest
Following a similar letter from Senate Banking Republicans earlier today, HFSC Subcommittee Chairmans Barr (R-KY) and Huizenga (R-MI) along with Rep. Kim (R-CA) sent yet another letter to Vice Chair Barr and FRB-SF President Daly also demanding detailed supervisory-related information on SVB.
Reserve Banks Promise to Bear Some Sometime Soon
Under ever-growing pressure, all of the Federal Reserve Banks today under the New York Fed’s aegis announced a common transparency policy.
HFSC GOP Targets State Bank Supervisors
Top House Republicans today brought state banking commissions into the SVB and SBNY fray, asking each for extensive details on recent actions and setting the April 6 deadline now evident in all recent GOP requests in this arena.
GOP Leaders Also Demand FSOC Answers
HFSC Subcommittee Chairman Barr (R-KY) and Huizenga (R-MI) today also sent letters to FSOC Chair Yellen and Council of Inspectors General on Financial Oversight Chair Delmar requesting detailed information on meetings surrounding the banking agencies’ March 12 decision to invoke a systemic risk exception for SVB …