Consumer Financial Protection Bureau Director Rohit Chopra said Friday he's open to raising the limit on deposit insurance and suggested community banks could be exempt from having to pay for the failure of Silicon Valley Bank, Yahoo Finance reported. "I don't have any firm conclusions on that, but I'm certainly very open to that," Chopra, who also sits on the board of the FDIC, told Yahoo Finance when asked whether the level on deposit insurance should be raised. "Ultimately this is gonna be a decision for Congress because that's set in the law and will be working with them as they revisit it too." Chopra's comments come as FDIC Chair Martin Gruenberg reviews potential changes to the deposit insurance system after the bank run on Silicon Valley Bank three weeks ago and prepares a report due out by May 1. Chopra also signaled he agrees with Gruenberg on exempting community banks from new assessments to replenish the deposit insurance fund, which is projected to take a more than $20 billion hit from backstopping uninsured depositors at SVB and Signature Bank. Gruenberg was asked about the matter by lawmakers during congressional hearings this week. He said the FDIC does have discretion, but ultimately it's up to the board to make that decision. The oversight of regional banks was first loosened in 2018 by the Trump administration. A bipartisan bill redefined which banks were deemed "systemically important" to only include those holding at least $250 billion in assets. At the time of its failure, Silicon Valley Bank has about $209 billion in assets.