LawFlash
March 14, 2023
US governmental authorities, including the US Department of the Treasury, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation, took actions to provide both insured and uninsured depositors of Silicon Valley Bank (SVB) (as well as Signature Bank) access to their deposits beginning Monday, March 13. However, despite these actions, many customers are still dealing with the aftermath of an uncertain weekend, and practical questions remain to be answered.
When the California Department of Financial Protection and Innovation (DFPI) declared SVB insolvent on March 10 and the Federal Deposit Insurance Corporation (FDIC) was appointed as receiver, there was a general panic …
Read the full article at: https://www.morganlewis.com/pubs/2023/03/svb-and-distressed-banks-lessons-learned-from-a-wild-weekend