Federal Reserve Vice Chair for Supervision Michelle Bowman said an independent review found that supervisory staff knew or should have known about Silicon Valley Bank's interest-rate, liquidity and deposit-concentration vulnerabilities by March 2022, but failed to act promptly and decisively. The review attributed the delayed response to poor bank management, a risk-averse supervisory culture and unclear internal decision-making authority. Starling Advisory Group found that SVB's early-2023 collapse resulted from a confluence of vulnerabilities, including unrealized securities losses as interest rates rose and a deposit base concentrated among venture capital-backed technology firms. The bank's deposits were 94% uninsured, leaving it particularly exposed to a rapid run, while it was inadequately prepared to borrow through the Federal Reserve's discount window. The review concluded that the 2018 law easing certain Dodd-Frank Act requirements did not cause supervisory delays, differing from a 2023 assessment by Bowman's predecessor, Michael Barr. Bowman commissioned the review after becoming vice chair for supervision last June and said it was intended to identify lessons rather than assign blame. The preliminary report has not been publicly released, while the Fed has introduced supervisory operating principles and monthly escalation reports for unresolved concerns.