Barr mentioned the financial institution was a “textbook case of mismanagement.” And its authorities minders had been nicely conscious it had critical issues. In 2021, the supervisors discovered points with its liquidity administration, and in 2022, they decided an array of issues with board oversight, threat administration and inside auditing, Barr mentioned. That summer time, they dropped the financial institution’s administration and governance scores to alarm-bell ranges, subjecting it to development restrictions.
