Berger on Bloomberg TV: ‘Something was missed’ in bank failures

NAFCU President and CEO Dan Berger joined The Close on Bloomberg TV Wednesday to discuss recent bank failures, saying that they were the result of poor management across the board and adding that although the San Francisco Federal Reserve Bank cited Silicon Valley Bank for concerns in recent years, “something was missed in terms of the mitigation.”

Berger told The Close hosts Scarlet Fu and Katie Greifeld that in the aftermath of the failures, there was a “flight to safety” to credit unions and other institutions, but these have started to settle down the farther we get from the collapses.

“The bottom line is the financial system of the United States is resilient and it is strong,” Berger said.

Asked what he expects to see from a regulatory approach to address these issues, Berger said the banking regulators will likely do a deep-dive to determine what went wrong.


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