mint By Live Mint
Weeks after the failure of Silicon Valley Bank, the Federal Reserve has now promised tougher supervision and stricter rules for banks. In a detailed and scathing assessment on Friday, the Fed said that its oversight of US lender was inadequate and that regulatory standards were too low.
“SVB’s failure demonstrates that there are weaknesses in regulation and supervision that must be addressed,” wrote the Fed’s vice chair for supervision in a letter accompanying a lengthy report.
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The Fed’s vice chair has super vision? It is time for the Save-A-Lot banking business, credit unions, community banks, online banks and neobanks like Chime or Current. And talk to any Occupy protester about what they did in Enron times.