[California strengthens supervision of banks with more than $50
The California Department of Financial Protection and Innovation (DFPI) said in a report that in the event of the failure of Silicon Valley Bank, California will more closely regulate banking institutions and increase staffing. California plans to overhaul its regulatory process in a bid to allay mounting misgivings. California will increase its cooperation with federal regulators to quickly implement "a stronger and more effective system to correct those deficiencies." In addition, the California Program Evaluator Policy, which focuses more on the size of unsecured deposits at banks, examines the risks posed by emerging banking technology and social media
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