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Corporate Authors:
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Description:Executive Summary (Pg 2)
Introduction (Pg 6)
Background (Pg 6)
Causes of Failure and Material Loss (Pg 7)
Rapid Growth without Commensurate Risk Management Practices (Pg 7)
Management’s Responsiveness to Supervision Findings (Pg 9)
Overreliance on Uninsured Deposits and Liquidity Risk Management (Pg 10)
Reputation Risk and Contagion from Crypto Industry Turmoil (Pg 13)
The FDIC’s Supervision of Signature Bank (Pg 16)
Supervisory Activities and CAMELS Ratings Assigned (Pg 16)
Supervisory Recommendations and Enforcement Actions (Pg 17)
Evaluation of the Liquidity Component Rating (Pg 19)
Evaluation of the Management Component Rating (Pg 21)
LIDI Program Ratings (Pg 24)
Continuous Examination Process Implementation (Pg 26)
Timeliness of Communication with SBNY Board and Management (Pg 32)
SBNY Staffing Challenges (36)
Conclusion and Matters for Further Study (Pg 40)
Appendix 1: Objective, Scope, and Methodology (Pg 43)
Appendix 2: Supervisory History (Pg 44)
Appendix 3: Open MRBAs and SRs from Targeted Reviews (Pg 56)
Appendix 4: Liquidity-Related SRs and MRBAs (Pg 57)
Appendix 5: Other Supervisory Efforts (Pg 59)
Appendix 6: Acronyms (Pg 62)
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Content Notes:Table 1: SBNY Financial Information (amounts in billions). (Pg 6)
Figure 1: SBNY Loan Composition and Growth (Pg 8)
Figure 2: SBNY Asset and Deposit Growth (Year-end 2018 through 2022). (Pg 11)
Figure 3: Correlation of SBNY’s Stock Price to Crypto-Industry Events (Pg 14)
Table 2: SBNY Safety and Soundness Examination Ratings (Pg 17)
Table 3: Areas Most Frequently Cited with SRs Remaining Open by Examination Cycle (Pg 18)
Table 4: Open MRBAs by Examination Cycle (Pg 19)
Table 5: LIDI Program Ratings Definitions (Pg 25)
Table 6: SBNY LIDI Ratings and Ratings Outlook from 2017 through Third Quarter 2022 (Pg 25)
Table 7: CEP Roles and Responsibilities (Pg 27)
Table 8: Completed SBNY CEP Deliverables (Pg 28)
Table 9: Planned and Actual Examination Hours (Pg 29)
Table 10: Canceled or Postponed Targeted Reviews (Pg 31)
Table 11: Targeted Reviews with Elapsed Days in Excess of 200 or More Days (Pg 33)
Table 12: Report of Examination Timeliness (Pg 33)
Table 13: Supervisory Letters Issued More Than 45 Days after the Targeted Review Exit Meeting (Pg 34)
Figure 4: Authorized and Filled Staffing Analysis for the Dedicated Team Assigned to SBNY (Pg 36)
Table 14: MRBAs Remaining Open by Examination Cycle (Pg 56)
Table 15: SRs Remaining Open by Examination Cycle (Pg 56)
Table 16: Open Liquidity MRBAs and SRs from the 2019 Liquidity Targeted Review by
Examination Cycle (Pg 57-58)
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Subject:
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Pages in Document:62
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Format:
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Release Date:04/28/2023
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Agencies Involved:Federal Deposit Insurance Corporation (FDIC);New York State Department of Financial Services;Government Accountability Office (GAO);Office of the Comptroller of the Currency (OCC);
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Bank Involved:Signature Bank of New York (SBNY);Silvergate Bank;Silicon Valley Bank (SVB);Washington Mutual Bank (WaMu);IndyMac Bank;Federal Reserve Bank of New York;Federal Home Loan Bank of New York;
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Fdic Employee Involved:Martin J. Gruenberg
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Law Involved:Community Reinvestment Act (CRA)
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Other Institutions Involved:FTX;Alameda Research;
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Source:FDIC Website
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