Finance
California Boosts Scrutiny of Banks With Assets Over $50 Billion After SVB Failure
- Three banks overseen by the state have collapsed since March
- Agency will boost staffing, focus more on uninsured deposits
Silicon Valley Bank headquarters in Santa Clara, California, on March 9.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
California’s financial regulator said it will more closely scrutinize banks and increase staffing following the collapse of SVB Financial Group’s Silicon Valley Bank.
The Department of Financial Protection and Innovation said in a report Monday that it plans to overhaul its process for escalating concerns among its employees and add to staff overseeing banks with assets exceeding $50 billion.