Reuters have the info on a report released Monday (US time) by California's Department of Financial Protection and Innovation (DFPI).
- said that in future the California regulator would apply heightened scrutiny to banks with $50 billion or more in assets and high levels of uninsured deposits
- also said DFPI planned to require banks to consider how to manage risks created by social media and real-time withdrawals, which can intensify and accelerate bank runs
- DFPI played a supporting role, with primary oversight for SVB conducted by the Federal Reserve Bank of San Francisco
Federal Reserve San Fran President Daly appears to have dropped the ball on this one.
