Exhibit 814 · Inspector general evaluation
Material Loss Review of Silicon Valley Bank (2023-SR-B-013)
We believe that the CEO’s service on the FRB San Francisco board of directors created an appearance of a conflict of interest for the System.
Matter for Management Consideration (p. 46): the OIG heard of no conflicts or influence from the CEO's service on the San Francisco Fed board, learned that senior officials considered removing him after the ratings downgrade discussions and decided to keep him on the board to avoid signaling the bank's condition, and learned there is no System policy requiring removal of a bank official from a Reserve Bank board when the bank is rated less than satisfactory. It suggests the Board consider standards for Class A service and removal and encourage retired bank executives as Class A directors.
- Source
- Federal Reserve Board Office of Inspector General
- Date
- 25 September 2023
- Quoted from
- Matter for Management Consideration, p. 46 of 53
- Grade
- Primary record
- Document
- https://oig.federalreserve.gov/reports/board-material-loss-review-silicon-valley-bank-sep2023.pdf
- Accessed
- 2026-11-09
- Cited by
- Findings citing this exhibit