[Silicon Valley Bank’s collapse case, the Federal Reserve is to blame for the San Francisco Fed’s personnel changes show clues]Financial Associated Press, March 30, according to people familiar with the matter, at the San Francisco Fed, which is mainly responsible for supervising Silicon Valley Bank, the turnover rate of supervisory officials has increased in recent years. risen. During Mary Daly’s tenure as president of the San Francisco Fed, the department’s culture sometimes focused more on improving relations among employees than on developing talent with a strong regulatory background, which led to staff turnover. Fed staff have told some officials they have concerns about Daly’s management of the San Francisco Fed’s oversight efforts, according to four people familiar with the matter. San Francisco Fed inspectors spotted warning signs at SVB more than a year ago, following reports that they have also raised concerns in recent months about the bank’s monitoring of risks associated with rising interest rates.
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