Fed Watchdog Launches Investigation Into SVB Supervision
- Fed IG began its probe on March 14, expects to take six months
- Review will look at Fed board, San Francisco Fed supervisors
Silicon Valley Bank headquarters in Santa Clara, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
The Federal Reserve’s internal watchdog has launched its own review of the failure of Silicon Valley Bank, a spokesman confirmed, separate from the probe that the Fed’s vice chair for supervision is leading.
The investigation by the Fed inspector general, which began March 14, will assess the supervision of SVB by the Fed Board of Governors in Washington and examiners at the San Francisco Fed, and will make recommendations as appropriate, the spokesman said. The IG plans to complete the review within six months. The New York Times earlier reported on the existence of the IG probe.