FDIC report blames poor management for Signature Bank's failure.
The collapse of Signature Bank was due to "poor management," according to a report from the Federal Deposit Insurance Corporation. Bank management did not fully understand the risks associated with accepting crypto deposits, which comprised more than 20% of its total deposits. The bank was overreliant on uninsured deposits, which accounted for 90% of overall deposits. The FDIC report made few recommendations for regulatory changes.
