SVB Financial Group Stock News

A team of 20 bank examiners at the San Francisco Federal Reserve took over day-to-day supervision of Silicon Valley Bank in the second half of 2021, after the bank's growth pushed its assets above the $100 billion mark that triggers more intense oversight.

The secretive world of Federal Reserve bank supervision has been laid bare by the collapse of Silicon Valley Bank and critics say it needs an overhaul to make it more nimble, transparent and decisive.

Shares of Silicon Valley Bank soared more than 12,000% on Wednesday from a low of a single penny on Tuesday, when trading reopened.

House lawmakers showed that their teeth can just bite as tough as their Senate counterparts during the second day of congressional hearings about how Silicon Valley Bank (SVB) and Signature Bank collapsed practically overnight on March 10 and March 12.

The Federal Reserve's inspector general has begun a probe into Silicon Valley Bank's collapse. A spokesperson for the Office of Inspector General (OIG) told PYMNTS Wednesday (March 29) that the office had begun an independent investigation into the failure of Silicon Valley Bank.

O'Leary told CNN that he and others "do not want to pay for every idiot banker's mistake," after regulators seized Silicon Valley Bank.

Federal banking regulators doubled down on plans to investigate what went wrong on the government's side in the failure of Silicon Valley Bank earlier in March in their second day of testimony on Capitol Hill on Wednesday.

"We need competent financial supervisors. But Congress can't legislate competence," House Financial Services chairman Rep.