Two days after SVB’s collapse, the FDIC has yet to offer concrete guidance on when the bank’s uninsured depositors might be able to access their funds.
"By taking temporary control of the Canadian branch of Silicon Valley Bank, we are acting to protect the rights and interests of the branch's creditors," Superintendent of Financial Institutions Peter Routledge said in a statement on Sunday.
Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money.
Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are