CEOs of Failed Banks and State Regulators Testify Before House Subcommittees
2023-05-17T22:02:29-04:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvZWFlXC8wMDJcLzE2ODQzNzgwNjBfMDAyLmpwZyIsImVkaXRzIjp7InJlc2l6ZSI6eyJmaXQiOiJjb3ZlciIsImhlaWdodCI6NTA2fX19Gregory Becker, former Silicon Valley Bank CEO; Scott Shay, former Signature Bank chair and co-founder; and Michael Roffler, former First Republic Bank CEO and president, testified at a a House Financial Services joint subcommittee hearing on the failure of their regional banks. The witnesses named several factors leading to their financial institutions' collapse, including rapid growth, the impact of digital assets, and rapid deposit withdrawals spurred by fears caused by social media reports. They also addressed executive compensation, risk management, and poor governance. Regulators from California and New York in the second panel testified on the two banks' failures. They cited mismanagement and poor governance as the primary drivers of their failures, pointing to the disregard bank management showed toward regulatory warnings that required immediate attention. They acknowledged the role of regulators, saying they should have responded more promptly and exercised greater oversight.
Gregory Becker, former Silicon Valley Bank CEO; Scott Shay, former Signature Bank chair and co-founder; and Michael Roffler, former First… read more
Gregory Becker, former Silicon Valley Bank CEO; Scott Shay, former Signature Bank chair and co-founder; and Michael Roffler, former First Republic Bank CEO and president, testified at a a House Financial Services joint subcommittee hearing on the failure of their regional banks. The witnesses named several factors leading to their financial institutions' collapse, including rapid growth, the impact of digital assets, and rapid deposit withdrawals spurred by fears caused by social media reports. They also addressed executive compensation, risk management, and poor governance. Regulators from California and New York in the second panel testified on the two banks' failures. They cited mismanagement and poor governance as the primary drivers of their failures, pointing to the disregard bank management showed toward regulatory warnings that required immediate attention. They acknowledged the role of regulators, saying they should have responded more promptly and exercised greater oversight. close
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