Regulators' Faults Cited in Silicon Valley Bank's Demise.

California's Department of Financial Protection and Innovation admitted fault in its supervision of Silicon Valley Bank, saying it was too slow to recognize the bank's growing risks and did not act forcefully enough to address them. The bank's collapse triggered a 21st century bank run, leading to the failure of other banks and severe financial strain on several others. The agency plans to increase staffing to supervise banks with over $50 billion in assets and those with high concentrations of deposits in one particular sector.