"SVB's Mismanagement and Rapid Withdrawals Lead to Implosion, Fed Official Says"

The Federal Reserve's Vice Chair for Supervision, Michael Barr, blamed Silicon Valley Bank's collapse on poor internal management and excessive risk-taking, while acknowledging that bank supervision and regulation might need to change in the wake of the collapse. The Fed was Silicon Valley Bank's primary regulator, and it too was reviewing why it had failed to stop risks that were in plain sight. Silicon Valley Bank's collapse this month sent shock-waves across the global banking system, prompting many depositors to pull their cash out of regional and smaller banks over concerns they could lose their money.