Former CEOs of failed banks to testify before Senate panel

The former top executives of two failed banks will testify before Congress this month. Lawmakers are digging into what caused a series of collapses at mid-sized financial institutions. The Senate Banking Committee indicated Tuesday that it will hold a hearing May 16 with Silicon Valley Bank’s former CEO, Signature Bank’s former chairman and co-founder, as well as Signature Bank’s former president. The committee will also hold two other hearings this month on the collapse of the banks. Several industry experts will testify at a hearing on Thursday. Then on May 18, Michael Barr, the Federal Reserve’s chief regulator, and Martin Gruenberg, chairman of the Federal Deposit Insurance Corp., will testify.