Banking and Finance Law Daily Wrap Up, OVERSIGHT AND INVESTIGATION—Warren probes reported early access to Fed-commissioned SVB report, (Oct 13, 2026)

By John M. Pachkowski, J.D.

Warren seeks information if there was special access to non-public information.

Following reports that private parties received a Federal Reserve-commissioned report on Silicon Valley Bank’s failure before its public release, Sen. Elizabeth Warren (D-Mass.), the Ranking Member of the Senate Banking Committee, has announced that she is opening an inquiry into the report’s release.

Federal Reserve Vice Chair for Supervision Michelle W. Bowman first disclosed the report’s existence in a Sept. 18, 2026, speech prepared for delivery at a Luncheon of the Lord Mayor City of London (see Banking and Finance Law Daily, Sept. 21, 2026). The report, prepared by Starling Advisory Group, was released on Sept. 21, 2026. At that time, Warren stated that the review exonerated Bowman and President Donald Trump while blaming career supervisors. She said Bowman had supervised SVB during its rapid growth and voted to deregulate it (see Banking and Finance Law Daily, Sept. 22, 2026).

In letters dated Oct. 8, 2026, to Bowman, Federal Reserve Division of Supervision & Regulation Director Randall Guynn, and Starling Trust Sciences Founder and CEO Stephen Scott, Warren asked whether the reported access violated Federal Reserve Board rules governing confidential supervisory and other nonpublic information. The letters cite an unnamed Davis Polk partner and co-lead of the firm’s financial institutions group as telling American Banker that she had “viewed a copy of the preliminary report,” which Warren characterized as seemingly corroborating reports of advance access. The letters also asked whether, pursuant to 12 CFR Part 261 Subpart C, the Federal Reserve General Counsel reviewed the report for Confidential Supervisory Information and approved the release of nonpublic information before any distribution to private parties. Answers to Warren’s letters are due by October 22, 2026.

Warren asked Bowman whether she or her staff provided an advance copy and, if so, to identify recipients, produce transmission emails and explain how recipients were selected. She also asked who at the Federal Reserve was responsible if Bowman was not involved and whether the Federal Reserve Board has policies or procedures for providing advance report copies to private parties.

Guynn received similar requests, plus questions about whether he consulted the Federal Reserve ethics office regarding providing an advance copy to a partner at his former law firm. Warren also requested all emails Guynn had sent since joining the Federal in 2025 to current Davis Polk employees and clients he represented while at the firm, and she asked about Fed policies or procedures for advance copies.

Warren asked Scott whether he provided an advance copy and, if so, to identify recipients, produce transmission emails, identify whether and by whom he was directed to distribute it and explain how recipients were selected.

Companies: Starling Trust Sciences

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