Finance
Fed Bosses Steered Examiners Away From Probing Problems Like SVB
- Quest for efficiency frustrated front-line bank inspectors
- Ahead of Barr report, Quarles says consistency was key goal
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All through the period when trouble was brewing at Silicon Valley Bank, the Federal Reserve was taking steps that effectively discouraged examiners from doing much about it.
That’s the picture of the Fed’s supervisory culture, and the way it evolved in recent years, that emerges from interviews with more than half-a-dozen people familiar with the central bank’s oversight of lenders.