Exhibit 813 ยท Agency report
Review of the Federal Reserve's Supervision and Regulation of Silicon Valley Bank (Vice Chair for Supervision Barr)
Because Greg Becker, CEO of SVB and president and CEO of SVBFG, also served as a director on the board of the FRBSF starting on January 1, 2019, the three Regulation K prior notices (and the public welfare investments) were not eligible to be acted upon by FRBSF and instead were acted on by the Secretary of the Board (table 10).
Self-assessment overseen by Vice Chair for Supervision Michael Barr by staff not involved in the supervision of SVB. Key takeaways: SVB's board and management failed to manage risks; supervisors did not fully appreciate the vulnerabilities, did not act quickly enough, and the tailoring approach after the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act and a shift in supervisory stance reduced standards and promoted a less assertive approach. PDF p. 90 notes that SVB's CEO sat on the San Francisco Fed board.
- Source
- Board of Governors of the Federal Reserve System
- Date
- 28 April 2023
- Quoted from
- PDF p. 90, text above fn. 118
- Grade
- Primary record
- Document
- https://www.federalreserve.gov/publications/files/svb-review-20230428.pdf
- Accessed
- 2026-11-09
- Cited by
- Findings citing this exhibit