WASHINGTON, D.C.(KMIT)- South Dakota Senator Mike Rounds earlier this week questioned Gregory Becker, the former CEO of Silicon Valley Bank, whose collapse was the second-largest bank failure in U.S. history.  Rounds says it was a basic banking failure.

Rounds pointed out that regulators issued MRIA’s, matters requiring immediate attention, and MRA’s, which are matters requiring attention.  He noted that the deadline given by the Federal Reserve did not seem to match the urgency level.

Becker says he believes the bank responded appropriately.

Senator Rounds is a member of the Senate Committee on Banking, Housing, and Urban Affairs.