On Friday, March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank (“SVB”) and appointed the Federal Deposit Insurance Corporation.
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.
The financial fallout from the collapse of Silicon Valley Bank late last week is now reverberating around the world, putting the global economy at risk of collapse. Startup founders in [.]
Well, isn’t this ironic? Barney Frank, the former Massachusetts congressman who co-authored the controversial Dodd-Frank financial reform law in response to the 2008 financial crisis, was a dire.
As with any business, a bank can become insolvent. But unlike most businesses, your bank holds your money or your customers’ money, making insolvency particularly fraught. On Friday,.