On March 13, 2023, Vice Chair for Supervision Michael S. Barr requested a review of the failure of Silicon Valley Bank (SVB), including a review of the regulations applicable to firms such as SVB, particularly for fast-growing firms; a review of the supervisory regime; and an evaluation of whether supervisors had sufficient tools to address the weaknesses at SVB.

This report examines the failure of SVB, its holding company Silicon Valley Bank Financial Group (SVBFG), and the oversight provided by the Federal Reserve through its supervisory and regulatory authorities. The analysis considers the evolution of SVB and SVBFG from 2017 through March 8, 2023; the economic and financial environment in which they operated; and Federal Reserve oversight. The report covers both the regulation and supervision of SVB and SVBFG and focuses on the issues most pertinent to the failure of SVB.

The report does not review the events that occurred after March 8, 2023, including the closure of SVB on March 10, 2023, by the California Department of Financial Protection and Innovation (CDFPI), and the actions on March 12, 2023, by the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation.1

This report was prepared by staff within the Federal Reserve System with expertise in supervision, financial analysis, policy analysis, legal issues, economics, business intelligence, and records management who were not involved in direct supervision of SVB or SVBFG. Staff participating in this report had full access to examine the supervisory record, review internal communications, perform independent analysis, and interview relevant Federal Reserve staff.

Two caveats are warranted. This report was written with the benefit of hindsight on the particular facts and circumstances that proved most relevant for SVB and SVBFG. The report was prepared in a compressed time frame from March 13, 2023, through April 28, 2023, and further work over a longer period could draw additional or different conclusions.

As part of this report, the Board is making available a wide range of supervisory material that is typically treated as confidential supervisory information (CSI). Due to the exceptional nature of these events, including the failure of SVB, the Board has determined that releasing this information is in the best interest of the public. The information is available at




 1. Board of Governors of the Federal Reserve System, U.S. Department of the Treasury, Federal Deposit Insurance Corporation, "Joint Statement by Treasury, Federal Reserve, and FDIC," March 12, 2023, to text

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Last Update: May 17, 2023