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Commentary by Steven Lofchie

In a report based on an internal review of its supervision over First Republic Bank, the FDIC concluded that "meaningful action to mitigate interest rate risk and address funding concentrations would have made First Republic more resilient and less vulnerable to the March 2023 contagion event."

In a report highlighting its activities during 2022, the FDIC Office of the Ombudsman highlighted "[i]nsufficient or delayed communication" with bank management during the FDIC examination process and "[l]imitations in core banking systems" as causes for stakeholder concern.