Sources:
Interesting bits:
Abbasi and San Francisco Fed President Mary Daly came under fire earlier this year after the collapse of Silicon Valley Bank, which caused a crisis in the U.S. banking system, with critics saying the Fed missed warning signs. The crisis also led to the failure of San Francisco-based First Republic Bank, which was then acquired by JPMorgan Chase.
Abbasi will be succeeded by Niel Willardson, who will join the San Francisco Fed as interim executive vice president of supervision and credit, the spokesperson said via email.
Willardson, who was formerly a Minneapolis Fed official, will start on Oct. 1.
Recall from Barr’s report, Abassi was thrown under the bus:
www.federalreserve.gov/publications/files/svb-review-20230428.pdf
The report and documents detail the bank’s rapid growth, as well as the challenges Federal Reserve supervisors faced in identifying the bank’s vulnerabilities and forcing the bank to fix them. At the time of its failure, the bank had 31 unaddressed safe and soundness supervisory warnings—triple the average number of peer banks.
TLDRS:
- Guy who got thrown under the bus in report is now resigning effective October 31
- Azher Abassi, the Federal Reserve’s Executive Vice President Supervision + Credit and head of bank supervision in San Francisco, which had oversight of failed lender Silicon Valley Bank, will retire effective October 31st.
- Abbasi will be succeeded by Niel Willardson
- Willardson, who was formerly a Minneapolis Fed official, will start on Oct. 1.