On Friday, March 10th, at the request of the California Department of Financial Protection & Innovation, the FDIC was appointed as receiver of Silicon Valley Bank (SVB). To protect.
California Department of Financial Protection appointed Federal Deposit Insurance Corporation FDIC as receiver for Silicon Valley Bank SVB. FDIC is appointed receiver to liquidate or wind up affairs of failed bank. Bridge bank allows FDIC to rapidly take over failed bank.
DFPI closed SVB and appointed the FDIC as receiver. FDIC created Deposit Insurance National Bank of Santa Clara, which holds all deposits previously held by SVB. USDT FDIC and FRS will make additional funding available to ensure SVB deposits, insured and uninsured, are paid
A lot of ink has been spilled in the last 72 hours regarding the historic developments involving Silicon Valley Bank and Signature Bank. Our quick summary of the facts and law is below..