Silicon Valley Bank (SVB) was under scrutiny by the U.S. Federal Reserve for one year for its risky practices before its collapsed March 10.

The Federal Reserve repeatedly warned the bank that it had problems, according to a person familiar with the matter.

According to a New York Times report In 2021, a Federal Reserve review of the bank found serious weaknesses in how it was handling key risks.

Supervisors at the Federal Reserve Bank of San Francisco, which oversaw SVB, issued six citations that the firm was doing a bad job of ensuring that it would have enough easy-to-tap cash on hand in the event of trouble.

By July 2022, SVB was in full supervisory review and placed under a set of restrictions that prevented it from growing through acquisitions.

Following the supervisory review It became clear to the Federal Reserve that the firm was using bad models to determine how its business would fare as the central bank raised rates.

The Federal Reserve was said to have alerted SVB but the bank did not fix its vulnerabilities.

By early 2023, SVB was in what the Fed calls a “horizontal review,” an assessment meant to gauge the strength of risk management.

The review identified additional deficiencies but it was too late. SVB collapsed on March 10.

The Fed has initiated an investigation into what went wrong with the banks oversight. The inquiry’s results are expected to be publicly released by May 1.