In a blog post published last week, Federal Reserve Bank of New York researchers Beverly Hirtle and Anna Kovner explored the impact of supervision on banks, the financial system, and the economy.
"In March of 2023, the U.S. banking industry experienced a period of significant turmoil involving runs on several banks and heightened concerns about contagion," Hirtle and Kovner wrote. "While many factors contributed to these events—including poor risk management, lapses in firm governance, outsized exposures to interest rate risk, and unrecognized vulnerabilities from interconnected depositor bases, the role of bank supervisors came under particular scrutiny."
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