New York State Department Of Financial Services Announces The Results From Review Of The Supervision And Closure Of Signature Bank
April 28 (Reuters) - New York State Department Of Financial Services (NY DFS):
April 28 (Reuters) - New York State Department Of Financial Services (NY DFS):
NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES ANNOUNCES THE RESULTS FROM THE REVIEW OF THE SUPERVISION AND CLOSURE OF SIGNATURE BANK
NY DFS: REVIEW OF SIGNATURE BANK FOCUSED ON PERIOD JANUARY 1, 2019, THROUGH MARCH 12, 2023
NY DFS: “SIGNATURE’S FAILURE TO REMEDIATE THE OUTSTANDING LIQUIDITY MANAGEMENT ISSUES UNDOUBTEDLY CONTRIBUTED TO ITS COLLAPSE”
NY DFS: GIVEN PANIC, SIZE & SPEED OF DEPOSIT RUN AT SVB, UNCLEAR WHETHER, IF SIGNATURE OPENED IN BETTER LIQUIDITY, IT COULD HAVE SURVIVED DIGITAL-AGE DEPOSIT RUN
NY DFS: SIGNATURE’S RESPONSE TO BANKING CRISIS WAS HAMPERED BY A CONTROL FRAMEWORK THAT DID NOT DEVELOP IN LINE WITH THE BANK’S GROWTH
NY DFS: SIGNATURE’S RESPONSE TO BANKING CRISIS WAS HAMPERED BY A LIQUIDITY MANAGEMENT PLAN THAT DID NOT MATCH THE BANK’S RISK PROFILE
NY DFS: “SIGNATURE’S COLLAPSE UNDERSCORES THE SPEED AT WHICH THE MODERN FINANCIAL SYSTEM MOVES”
NY DFS, IN REPORT ON SIGNATURE BANK: DFS’S POLICIES & PROCEDURES NEED TO BE UPDATED TO INSURE THAT DFS ADDRESSES RISKS AT BANKING ORGANIZATIONS IN REAL-TIME
NY DFS: REVIEW OF SIGNATURE BANK IDENTIFIED AREAS IN WHICH DFS CAN IMPROVE SUPERVISION OF BANKS, MODERNIZE REGULATORY PROCESSES
NY DFS: REVIEW OF SIGNATURE BANK IDENTIFIED AREAS IN WHICH DFS CAN ADOPT NEW TOOLS TO STRENGTHEN OVERSIGHT
NY DFS, IN REPORT ON SIGNATURE BANK: DFS’S INTERNAL PROCESSES NEED CLEARER GUIDELINES FOR WHEN EXAMINERS NEED TO ESCALATE REGULATORY CONCERNS
NY DFS, IN REPORT ON SIGNATURE BANK: DFS’S PROCESSES NEED CLEARER GUIDELINES FOR INSTANCES IN WHICH A BANK FAILS TO REMEDIATE FINDINGS IN TIMELY FASHION
NY DFS, IN REPORT ON SIGNATURE BANK: RAPID COLLAPSE OF SIGNATURE UNDERSCORES NEED TO REVISIT ASSUMPTIONS USED TO MODEL AND MANAGE LIQUIDITY RISK
NY DFS: DFS WILL WORK WITH STAKEHOLDERS TO IDENTIFY, DEVELOP REGULATORY TOOLS TO HOLD EXECUTIVES ACCOUNTABLE FOR MISCONDUCT THAT LEADS TO BANK FAILURES
NY DFS: DFS WILL WORK WITH STAKEHOLDERS TO IDENTIFY, DEVELOP REGULATORY TOOLS TO ADDRESS DISSEMINATION OF INACCURATE INFORMATION THAT PROVOKE BANK RUNS
NY DFS: TO CONSIDER IF BANKS NEED TO CONDUCT TABLE-TOP EXERCISES ON OPERATIONAL READINESS TO COLLECT ACCURATE FINANCIAL DATA AT RAPID PACE, IN STRESS SCENARIO
