Regulators admit fault in collapse of Silicon Valley Bank

California's bank regulator was slow to address risks at Silicon Valley Bank before its failure in March.
The Federal Reserve also failed in overseeing Silicon Valley Bank and loosening regulations, allowing it to collapse.
Regulator staff missed Silicon Valley Bank's rapid growth during the pandemic.
The regulator plans to increase scrutiny of large banks and require planning for risks like social media.
The regulator pledges to improve oversight to prevent future bank failures.