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In a highly anticipated report on the failure of Silicon Valley Bank, Federal Reserve Vice Chair for Supervision Michael Barr says the bank's own mismanagement and an acquiescent supervisory structure created the conditions for the bank to fail.

Besides negating the benefits of a central bank digital currency, the Federal Reserve's real-time payments system will bring about numerous positive changes, including helping consumers who live paycheck to paycheck.

The Minneapolis bank has launched a special-purpose credit program that aims to help businesses owned by women, minorities and veterans. Borrowers with comparatively low credit scores and cash flows will qualify for lending products of up to $2.5 million.

The real-time payments system from the Federal Reserve will spur an increase in payments innovations and drive prices lower for existing products.

The Government Accountability Office said that  the Federal Reserve Bank of San Francisco flagged problems at Silicon Valley Bank as early as 2018.

Requiring banks to share bank account data with fintechs will "release the stranglehold that financial institutions have on the industry today."

There are existing ways to authenticate third-party permissioned data access that don't involve screen-scraping or expensive token-based systems.

The regulator awarded a federal charter to Generations United Federal Credit Union, which will serve employees and members of the United Church of Christ.

Courtney Fifield replaces Bruce Leighton, who retired from the $252 million-asset institution last year.

The troubled lender could fail, get rescued by the nation's largest banks or muddle through as a zombie bank. Federal regulators and the big banks will have to decide which is the least bad option.