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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Ok bear with me here. This is why the FRB needs a union, pronto. We don’t know why supervision failed here, but it did. We know historically (and I know personally) that retaliation against bank examiners happens. I’ll bet anything that there were FRB examiners trying to raise alarm bells who were silenced, either directly or due to a culture of fear/retaliation. A union will help ensure examiners can speak freely and press their concerns forward. [/quote]

FRBSF is a disaster right now. They had FTX/Moonstone, Silvergate, and now SVB on their watch. I believe a number of SVB execs are FRBSF alums.

A union starts to make sense if there are legit complaints of retaliation and silencing. But I bet the banks & Congress would fight it tooth & nail. Is there a statutory ban on a union within the FRS?[/quote]

No ban.  But FR culture is very economist dominated and economists tend to disdain unions.

I have not seen any evidence that unions at the FDIC and OCC have done anything to make their examiners feel free to speak up without retaliation.

All of the agencies' supervisory areas suffer from group think among a few in power and an insufficient culture of challenge, even as they criticize banks for lack of a challenge function.  [/quote]

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