US regulators vow to sharpen oversight as SVB, Signature aftershocks reverberate

US regulators vow to sharpen oversight as SVB, Signature aftershocks reverberate

FILE PHOTO: A security guard stands outside of the entrance of the Silicon Valley Bank headquarters in Santa Clara, California, U.S., March 13, 2023. REUTERS/Brittany Hosea-Small

U.S. regulators on Friday put large banks on notice that tougher oversight is coming after the Federal Reserve and Federal Deposit Insurance Corporation detailed their supervisory lapses before deposit runs caused the collapse of Silicon Valley Bank and Signature Bank in March.

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