Probative Inquiry into the
2023 Financial Sector Stress Events

Preliminary Report: Public Exposure Draft

Report Download

Download the Public Exposure Draft

At the beginning of this year, Starling Advisory Group was retained by the US Federal Reserve Board’s Division of Supervision & Regulation to conduct an independent Probative Inquiry into the Financial Sector Stress Events of 2023, including the failure of Silicon Valley Bank (“SVB”), and the supervisory lapses that may have contributed to those events.

This Preliminary Report presents the initial findings of that ongoing work, drawing on interviews with current and former senior Federal Reserve officials and supervisory staff as well as an extensive review of public and confidential documentary evidence.

The report is being released as a Public Exposure Draft to invite review, challenge, and informed public comment as our Probative Inquiry continues. At Starling’s discretion, valuable feedback will inform our ongoing efforts, shape our future reports, and contribute to the important public good towards which we aim.

Read the Preliminary Report and Starling’s initial findings from its independent Probative Inquiry into the Financial Sector Stress Events of 2023. Register for Starling Insights here to be notified of future reports being issued.