The Fed's Role in the Financial Crisis

Republicans have laid a talking point of Republicans is that, you know, the Fed was the primary federal regulator Silicon Valley Bank. Yet for some reason it wasn't the supervisors, they were not able to anticipate the impacts of the rate increases that the Fed was implementing. Does it make sense for the Fed to be the primary bank regulator given that seeming conflict? "There are different ways to do this and maybe there's a different story being written"