Prudential Supervisors Should Embrace Better Technology to Help Prevent Bank Failures

Much has been made of the 2023 failures of Silicon Valley Bank, Signature Bank, and First Republic Bank. There is a clear consensus that management of those regional banks was the primary cause of the failures, but there is also a growing consensus that the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, at the federal level, and the California Department of Financial Protection and Innovation and the New York State Department of Financial Services