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On March 8th, Silvergate Bank and its primary regulator the California Department of Financial Protection and Innovation (DFPI) publicly announced the bank’s voluntary liquidation. Two days later, the DFPI publicly announced it had closed Silicon Valley Bank citing inadequate liquidity and insolvency and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
PwC’s Bank stress reports are a direct response to recent market failures, and what regulators and financial risk managers can do to prepare for new changes and developments in the industry.
On April 28th, 2023, the Federal Reserve, FDIC, Government Accountability Office (GAO) and New York Department of Financial Services (NYDFS) released reports on the supervision and regulation of Silicon Valley Bank (SVB) and Signature Bank. The reports outline factors that the regulators and the GAO believe contributed to the failures, including the quality of bank supervision and the impact of the 2018 regulatory relief law and subsequent tailoring framework.
The reports send two clear messages: regulators will enhance regulations over the coming years and promptly intensify supervision for banks of all sizes. Changes across the following four themes will raise the regulatory bar for banks and increase costs as they make investments in people, processes and technology.
- Intensifying supervision
- Shortening remediation timelines
- Revising regulatory tailoring
- Strengthening regulation
Bank failure reports: Tougher regulation and supervision set to raise the bar and increase costs
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Clients and Markets Leader, Cyber, Risk & Regulatory, PwC US
Vikas Agarwal
Financial Services Risk & Regulatory Leader, PwC US
Adam Gilbert
Global Senior Regulatory Advisor, PwC US
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