May 8 Reuters California39;s financial regulator failed to press leadership at Silicon Valley Bank to address known problems quickly enough before the lender imploded in March, according to a report released Monday in which the agency pledged to do better in the future.

The postmortem by California39;s Department of Financial Protection and Innovation DFPI follows a scathing Federal Reserve report released last month in which the U.S. central bank blamed its own poor oversight, reckless bank management and loosened regulations for contributing to SVB39;s failure, which now ranks as the thirdlargest in U.S. history.

Regulators have since pledged tougher oversight of the banking sector while lawmakers have also complained that officials were too slow to address its poor risk management. Former SVB chief executive Gregory Becker is due to testify before Congress next week.

According to the report released Monday, DFPI played a supporting role, with primary oversight for SVB conducted by the Federal Reserve Bank of San Francisco, which could devote more staff to supervision.

SVB was slow to remediate regulatoridentified deficiencies, and regulators did not take adequate steps to ensure SVB resolved problems as fast as possible, according to the report.

Time was of the essence in part because of meteoric growth in the bank39;s assets, which had quadrupled in four years to over 200 billion by 2021, according to the report, which said that in future the California regulator…