Oversight lawmakers continue to dig into SVP bank failure

The lawmakers said the SF Fed was not doing enough to cooperate with the investigation, only providing publicly available data and not directly responding to the needs of requests.

“Due to our concerns with the inadequacy of the SF Fed’s response, on May 25, 2023, Committee staff held a call with SF Fed staff,” the letter said. “During that call, the SF Fed informed Committee staff that upon receipt of our letter, the SF Fed immediately contacted your staff, who informed them that the Fed Board was asserting privilege over a majority of the requested materials as confidential supervisory information (CSI), and that the SF Fed would not be able to provide any more information to the Committee.”

The lawmakers say the SF Fed later agreed to hand over nonpublic documents but has since not been responsive to the committee’s requests.

The SF Fed declined to comment.

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