Banking regulators defended their supervisory actions and pledged to find answers as to what went wrong when discussing the factors leading to the failures of Silicon Valley Bank (SVB) and Signature Bank before lawmakers Tuesday.

At a hearing before the Senate Committee on Banking, Housing, and Urban Affairs, Democrats like committee chairman Sherrod Brown (D-Ohio) said relaxed banking regulations played a significant role in the crisis.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...