Report: Regulators saw problems, but didn’t make Silicon Valley Bank fix them fast enough

When state and federal regulators spotted problems at Silicon Valley Bank, they didn’t do enough to make sure the bank acted quickly to fix them. That’s one of the key takeaways from a report published today by the California state department that shared responsibility for overseeing the bank, which failed in March. 

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.