Board of Governors of the Federal Reserve System

Vice Chair for Supervision Michelle Bowman has long called for an independent review of the 2023 U.S. bank failures. To respond to that call, the Federal Reserve Board Supervision & Regulation Division has initiated a comprehensive review of the 2023 bank failures, with particular focus on the failure of Silicon Valley Bank.

The previous review, conducted by internal Federal Reserve staff on an expedited timeframe and limited scope, highlighted important shortcomings in bank risk-management practices at the time, as well as areas where our own supervisory execution fell short. With the benefit of some distance from these events, we can now evaluate them more objectively and gain additional insights. This new effort is not about assigning blame. It is about identifying the shortcomings in our supervision that kept the Federal Reserve from identifying or taking prompt and effective actions to address the deficiencies that led to those failures.

This effort is led by an external, independent firm, Starling. If you have information to share or would like to request a meeting to provide information, please email: [email protected].