SF Fed Head of Supervision to Step Down

The Federal Reserve Bank Of San Francisco's Head of Supervision and Credit, Azher Abbasi, is set to retire on October 31. Abbasi leads bank supervision at the San Francisco Fed, which has faced criticism for its allegedly deficient oversight of Silicon Valley Bank (SVB) before its collapse. Although not explicitly named, Abbasi has come under scrutiny in post-event evaluations and from Congress members regarding SVB's failure.

Early in the aftermath of Silicon Valley Bank's failure, observers sought to analyze what could have been done differently to prevent it. "There's slowness between when things are spotted and when their enforcement actions or other things are taken and that pipeline of speed is not very speedy at any juncture," said SF Fed President Mary Daly last month, attributing SVB's failure to delayed regulatory response, indicating a broader issue across the regulatory framework. "That's not just a San Francisco thing," she added.