April 28 (Reuters) - New York State Department Of Financial Services (NY DFS):
<ul>
<li>NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES ANNOUNCES THE RESULTS FROM THE REVIEW OF THE SUPERVISION AND CLOSURE OF SIGNATURE BANK</li>
<li>NY DFS: REVIEW OF SIGNATURE BANK FOCUSED ON PERIOD JANUARY 1, 2019, THROUGH MARCH 12, 2023</li>
<li>NY DFS: “SIGNATURE’S FAILURE TO REMEDIATE THE OUTSTANDING LIQUIDITY MANAGEMENT ISSUES UNDOUBTEDLY CONTRIBUTED TO ITS COLLAPSE”</li>
<li>NY DFS: GIVEN PANIC, SIZE &amp; SPEED OF DEPOSIT RUN AT SVB, UNCLEAR WHETHER, IF SIGNATURE OPENED IN BETTER LIQUIDITY, IT COULD HAVE SURVIVED DIGITAL-AGE DEPOSIT RUN</li>
<li>NY DFS: SIGNATURE’S RESPONSE TO BANKING CRISIS WAS HAMPERED BY A CONTROL FRAMEWORK THAT DID NOT DEVELOP IN LINE WITH THE BANK’S GROWTH</li>
<li>NY DFS: SIGNATURE’S RESPONSE TO BANKING CRISIS WAS HAMPERED BY A LIQUIDITY MANAGEMENT PLAN THAT DID NOT MATCH THE BANK’S RISK PROFILE</li>
<li>NY DFS: “SIGNATURE’S COLLAPSE UNDERSCORES THE SPEED AT WHICH THE MODERN FINANCIAL SYSTEM MOVES”</li>
<li>NY DFS, IN REPORT ON SIGNATURE BANK: DFS’S POLICIES &amp; PROCEDURES NEED TO BE UPDATED TO INSURE THAT DFS ADDRESSES RISKS AT BANKING ORGANIZATIONS IN REAL-TIME</li>
<li>NY DFS: REVIEW OF SIGNATURE BANK IDENTIFIED AREAS IN WHICH DFS CAN IMPROVE SUPERVISION OF BANKS, MODERNIZE REGULATORY PROCESSES</li>
<li>NY DFS: REVIEW OF SIGNATURE BANK IDENTIFIED AREAS IN WHICH DFS CAN ADOPT NEW TOOLS TO STRENGTHEN OVERSIGHT</li>
<li>NY DFS, IN REPORT ON SIGNATURE BANK: DFS’S INTERNAL PROCESSES NEED CLEARER GUIDELINES FOR WHEN EXAMINERS NEED TO ESCALATE REGULATORY CONCERNS</li>
<li>NY DFS, IN REPORT ON SIGNATURE BANK: DFS’S PROCESSES NEED CLEARER GUIDELINES FOR INSTANCES IN WHICH A BANK FAILS TO REMEDIATE FINDINGS IN TIMELY FASHION</li>
<li>NY DFS, IN REPORT ON SIGNATURE BANK: RAPID COLLAPSE OF SIGNATURE UNDERSCORES NEED TO REVISIT ASSUMPTIONS USED TO MODEL AND MANAGE LIQUIDITY RISK</li>
<li>NY DFS: DFS WILL WORK WITH STAKEHOLDERS TO IDENTIFY, DEVELOP REGULATORY TOOLS TO HOLD EXECUTIVES ACCOUNTABLE FOR MISCONDUCT THAT LEADS TO BANK FAILURES</li>
<li>NY DFS: DFS WILL WORK WITH STAKEHOLDERS TO IDENTIFY, DEVELOP REGULATORY TOOLS TO ADDRESS DISSEMINATION OF INACCURATE INFORMATION THAT PROVOKE BANK RUNS</li>
<li>NY DFS: TO CONSIDER IF BANKS NEED TO CONDUCT TABLE-TOP EXERCISES ON OPERATIONAL READINESS TO COLLECT ACCURATE FINANCIAL DATA AT RAPID PACE, IN STRESS SCENARIO</li>
</ul>

SBNY

April 28 (Reuters) - New York State Department Of Financial Services (NY DFS):

New York State Department Of Financial Services Announces The Results From Review Of The Supervision And Closure Of Signature Bank