US lenders should review their plans for filling funding needs in times of stress to ensure that they have access to a range of liquidity sources, according to top banking regulations.

Banks should maintain “actionable” contingency plans and focus on their liquidity risk management, agencies including the Federal Reserve and the Federal Deposit Insurance Corp. said Friday in a joint statement. The issue was spotlighted by the sudden collapse of several lenders including Silicon Valley Bank earlier this year.

“The events of the first half of 2023 have further underscored the importance of liquidity risk management and contingency funding planning,” the regulators said. “As seen in these events, the level and speed of deposit outflows at a few firms was unprecedented and contributed to acute liquidity and funding strain at those institutions.”

The agencies said the guidance is part of a bid to encourage lenders to incorporate the Fed’s discount window as part of their contingency funding plans.

The issue has come up in the past several months. The Fed in April unveiled a 102-page assessment of its oversight of Silicon Valley Bank, which failed in March.

In a speech in May, Fed Governor Michelle Bowman said another review was needed — this time by an independent third party.

Bowman said it should cover a longer time period and more topics, such as any operational issues with discount window lending, Fedwire services and transfer of collateral from the Federal Home Loan Banks.