Year after SVB crisis, struggle over what needs to change

A year ago, the government and America's largest banks joined forces in a rare moment of comity.

- ROB COPELAND

They were forced into action after Silicon Valley Bank collapsed on March 10, 2023, quickly followed by two other lenders, First Republic and Signature Bank.

Faced with the threat of a billowing crisis that could threaten the banking industry the worst one since 2008 - rivals and regulators put together a huge bailout fund. Eventually, all three ailing banks were declared insolvent by the government and sold off.

The biggest banks emerged from the period even larger, after picking up accounts from their smaller rivals. But they have also grown more confident in challenging regulators on what went wrong and what to do to prevent future crises. Indeed, many bankers and their lobbyists now rush to describe the period as a regional banking crisis.