“We should remain humble about how risks can arise, and continue our work to ensure that banks are resilient to a range of economic scenarios, market shocks, and other stresses.”īarr, who oversaw the Fed’s autopsy report on failed Silicon Valley Bank, previously said he’s working on updating the Fed’s stress-testing models based on the lessons he’s learned from the recent bank failures. “At the same time, this stress test is only one way to measure that strength,” he added. “Today’s results confirm that the banking system remains strong and resilient,” Michael Barr, the Fed’s vice chair for supervision, said in a statement. Justin Sullivan/Getty Imagesįirst Republic's pain had a lot to do with its reliance on wealthy clientele A sign is posted on the exterior of a First Republic Bank office on Main San Francisco, California.
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