Two large banks in the United States, Silicon Valley Bank and Signature Bank, have recently failed. Most people are aware of it, and it has left many people wondering if their money is safe in a bank. Besides the bank failures, other economic conditions have added to the confusion causing people to wonder how to…
How to Protect Your Money in a Bank Failure
March 21, 2023
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New York Community Bank Subsidiary to Buy Failed Signature Bank in $2.7 Billion Deal
March 20, 2023
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A subsidiary of New York Community Bank will purchase a significant portion of failed Signature Bank under a $2.7 billion deal with U.S. regulators, the Federal Deposit Insurance Corporation (FDIC) announced on March 19. The FDIC, an independent agency created by Congress to maintain a stable financial system, said that Sunday’s deal will see the 40 former branches of New…
A Mismanaged Silicon Valley Bank Failure Has Grave Consequences
March 18, 2023
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Commentary This was undoubtedly the week that was. Silicon Valley Bank’s (SVB) failure sent the markets into the worst turmoil since the 2008 financial crisis. And, as I write this Friday morning, St. Patrick’s Day, there are “little fires everywhere” in regional banks that have unsettled markets. Most of them could have been avoided. What…
Banking Regulators to Face Congress Over SVB, Signature Bank Collapse
March 18, 2023
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Congress will hold its first bipartisan hearing with top federal financial regulators into the failure of Silicon Valley Bank (SVB) and Signature Bank at the end of the month, the House Financial Services Committee announced Friday. Martin Gruenberg, chairman of banking regulator the Federal Deposit Insurance Corporation (FDIC), and Michael Barr, vice chair for supervision…
Sen. Kennedy Says Silicon Valley Bank Crisis Could Have Been Avoided
March 16, 2023
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Sen. John Kennedy (R-La.) said the Silicon Vally Bank (SVB) crisis could have been avoided, had the bank’s executives and federal regulators done their job on risk management. Speaking on the Senate floor on March 15, Kennedy emphasized that SVB Bank wasn’t broke but it had a liquidity problem. “If the management of Silicon Valley…
FDIC Returned $40 Billion in US Treasury Funds, Reversing Withdrawal After SVB Takeover
WASHINGTON—The Federal Deposit Insurance Corp. (FDIC) deposited $40 billion back into the U.S. Treasury General Account on Tuesday, reversing a $40 billion withdrawal on Friday as the regulator took control of the failed Silicon Valley Bank, Treasury financial data released on Wednesday showed. A Treasury spokesperson referred questions about the fund transfers to the FDIC,…
SVB Asks Customers to Bring Their Money Back to ‘Support the Future of This Institution’
March 15, 2023
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The Federal Deposit Insurance Corporation (FDIC) appointed a new head of what is now called the Silicon Valley Bridge Bank (SVB), who asked former customers to bring their money back to “support the future of this institution.” Tim Mayopoulos, who became the new CEO of SVB on Mar. 13, said that deposits held within the failed…
Should You Be Worried About Your Money in the Bank? Experts Sound Off
Some financial experts weighed in on whether Americans should feel worried about the safety of their money amid several bank collapses in recent days as some consumers expressed concerns about their deposits, their bank, and the American banking system. While President Joe Biden said Monday that “Americans can have confidence that the banking system is…
‘It Is a Bailout’: Former FDIC Chair Says of Special Treatment of Silicon Valley, Signature Bank
Former Federal Deposit Insurance Corporation (FDIC) chair Sheila Bair has said that Silicon Valley Bank (SVB) received a “bailout” out from the federal government following its collapse last week. Bair made the comments during an appearance on FOX Business Network’s “The Claman Countdown” on Mar. 13, shortly after the Federal Reserve, the Treasury Department, and the FDIC announced additional…
FDIC Transfers All Deposits From Failed Silicon Valley Bank to Newly Created ‘Bridge Bank,’ Names CEO
March 13, 2023
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The U.S. Federal Deposit Insurance Corporation (FDIC) has transferred all deposits of Silicon Valley Bank (SVB), both insured and uninsured, to a newly created “bridge bank” with a newly named CEO. A massive run on deposits was triggered over SVB’s bond portfolio and its failure to raise capital, causing money to empty out, leading to the bank’s…
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