California regulator cites social media, digital banking as key factors in Silicon Valley Bank's failure

California's chief banking regulator took its fair share of blame Monday for Silicon Valley Bank's collapse, admitting that the department was slow to demand fixes at the troubled institution — too slow for an era in which social media and mobile banking could combine to drive an unprecedented run on the bank's deposits.

The report, by the California Department of Financial Protection and Innovation, pointed to those two underlying factors as pivotal in the regional bank's March 10 failure. "While many internal