Fed to begin review of SVB supervision
2023.03.28 21:28
Fed to begin review of SVB supervision
Budrigannews.com – An OIG spokesperson stated on Tuesday that the failure of Silicon Valley Bank (SVB) has been the subject of an independent review by the Office of Inspector General (OIG) of the United States Federal Reserve.
The survey, which was sent off on Walk 14, will evaluate the board’s and the Central Bank of San Francisco’s management of the bombed moneylender, the representative told Reuters in a proclamation.
The spokesperson added that the independent oversight authority intends to conclude its investigation within six months.
After purchasing all of SVB’s loans and deposits from the Federal Deposit Insurance Corp. (FDIC), First Citizens BancShares Inc. purchased SVB on Monday, whose collapse sparked a crisis of confidence in the banking industry.
