The review's preliminary findings substantiate difficult but important critiques regarding Federal Reserve System supervision failures to act in a timely manner and to communicate actionable guidance to SVB.
I read this as the Fed saying its own supervision was busy but not effective.
SVB had 54 matters requiring attention or immediate attention between 2019 and the time of its failure. None of those supervisory findings required the bank to address its core financial risks.
The review notes that long-standing problems in supervisory accountability and decisionmaking were the most significant contributors to the failure to issue timely critical enforcement actions related to core risks.
Bowman said that where supervisors perpetually delay communication or action, supervision bogs down and loses effectiveness.
What counts as timely? That is the question every supervisor now has to answer.