California bank regulator finds own faults in bank’s demise

NEW YORK (AP) — California’s bank regulator was too slow to see the growing risks at Silicon Valley Bank and did not act forcefully enough to get the bank to fix its problems. That’s according to a report that the state bank regulator issued Monday. The report from the California Department of Financial Protection and Innovation echoed similar issues that the Federal Reserve found in its own report looking at its own supervision of Silicon Valley Bank. The Fed was highly critical of its own role in the bank’s failure, saying its supervisors were also too slow or too unwilling to press the bank’s management to address issues.