New York state lawmakers on Tuesday are set to hear from a former top official at Signature Bank as well as banking regulators on the causes of the bank's failure earlier this year. 

The hearing is scheduled for noon in Albany. 

The failure of Signature Bank came amid concerns over the stability of the U.S. banking system following the collapse of Silicon Valley Bank in California as high interest rates combined with depleted deposits created a crisis for the regional bank. 

The failure of Silicon Valley Bank led to a wave of concern for other regional banks in the U.S. and their relative financial health. 

But New York lawmakers are taking a particular interest in Signature Bank, a New York-based bank, which was shuttered by regulators in March. Signature Bank was later taken over by New York Community Bancorp. 

"The failure of Signature Bank was alarming and unexpected. As a result, it is crucial that we hold this public hearing to gain a complete understanding of the conditions which led to the failure of Signature Bank and how this kind of situation can be avoided in the future," said Senate Banking Committee Chairman James Sanders. "I believe we must approach this bank failure with caution, and as the Chair of the Committee on Banks, I aim to utilize the information we gain from the hearing to collaborate with my colleagues to ensure our banking system and citizens are protected." 

The committee is set to hear from former U.S. Rep. Barney Frank, who had served as a director of Signature Bank. It is also scheduled to receive testimony from Financial Services Superintendent Adrienne Harris and Marshall Gentry, the chief risk officer of the Federal Deposit Insurance Corp. 

“In any failure, there are lessons to be learned, which is why I appreciate Senator Sanders’ role in organizing this hearing on the failure of Signature Bank. The testimony of the panelists should provide needed insights into the conditions that led to the collapse, potential reforms and the current state of the banking system,” said Sen. George Borrello, the top Republican on the panel. "We have a strong, resilient financial system. This forum is an extension of our commitment to ensuring it remains that way."