I would like to thank the FDIC’s Chief Risk Officer, Marshall Gentry, who prepared this review of the FDIC’s supervision of the former Signature Bank , New York, New York (SBNY).

This report is both thorough and straightforward. It clearly identifies the root cause of SBNY’s failure as poor management. It also identifies areas where the FDIC’s supervisory efforts could have been more timely, forward looking, and forceful. The report includes thoughtful recommendations on matters for further study by the FDIC related to examination guidance, processes, and resources.

The challenges identified in the report and the recommendations for further study will be an urgent focus of attention and action by the FDIC going forward.