The Fed's report on the failure of Silicon Valley Bank describes a "shift" in supervisory culture that began five years ago. Some say the issue is much older than that.
The Federal Reserve's top regulator told the Senate Banking Committee that new standards are needed for banks with more than $100 billion in assets standards that the Fed has broad discretion to rewrite.
At issue is a 2018 bill that freed banks with less than $250 billion in assets from enhanced standards that before the law had applied only to banks with assets
The departure of the Federal Reserve's No. 2 could have a profound impact on who steers its policymaking efforts on several key issues, including revamping the Community Reinvestment Act and FedNow.