According to CoinDesk, a report from the Federal Reserve’s Office of Inspector General (OIG) has found that Silvergate Bank was able to transform from a community lender to a high-flying crypto bank without its Federal Reserve examiners raising concerns. The OIG report concluded that the bank's change in course should have required a different type of registration, which its government supervisors failed to demand. The report also found that examiners were too slow to deal with several problems as the bank headed toward its voluntary wind-down in March after last year’s crypto mayhem shattered its customers. The OIG made several internal recommendations for how Fed examiners should handle similar situations in the future, and the Federal Reserve Board of Governors has agreed to develop new and expanded guidance on rapidly growing banks that change their focus.