Signature Bank

WASHINGTON (AP) — Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe. It’s all eerily reminiscent of the financial meltdown that began with the bursting of the housing bubble 15 years ago. Yet the initial pace this time around seems even faster. Over the last three days, the U.S. seized the two financial institutions after a bank…

Financial regulators said Sunday night depositors of the failed Silicon Valley Bank will have access to all of their money starting Monday, March 13, while announcing new facilities to backstop deposit withdrawals across the banking system amid fears of contagion following SVB’s shock failure last week. In a joint statement, the heads of the Federal Reserve, Treasury Department, and FDIC said: “After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its…

Signature Bank New York, which worked with cryptocurrency companies, was closed by the state chartering authority, New York Department of Financial Services (DFS), U.S. regulators announced on Sunday March 12. All depositors will be able to receive 100% of their money, federal regulators said. “All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer,” according to a joint statement from Secretary of the Treasury Janet Yellen, Federal Reserve Board Chair Jerome Powell, and the Federal Deposit Insurance…