News & Analysis as of

Federal Reserve U.S. Treasury Banking Sector

Paul Hastings LLP

Daily Financial Regulation Update -- Friday August 9

Paul Hastings LLP on

August 8, 2024- The Federal Reserve and U.S. Treasury did not intervene in foreign exchange markets during the April – June 2024 quarter, the Federal Reserve Bank of New York said in its quarterly report to the U.S....more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - March 2024 - 2

Editor's Note - The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency,...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - February 2024 - 2

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - October 2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

White & Case LLP

Tying deposit insurance reform to reform of the tying of deposits

White & Case LLP on

On March 10, 2023 the California Department of Financial Protection and Innovation ("CDFPI") closed Silicon Valley Bank ("SVB"), a California chartered, non-member bank. The CDFPI placed SVB into receivership and appointed...more

Pillsbury Winthrop Shaw Pittman LLP

The Banking Crisis of 2023: Outlook for the U.S. Banking Sector, Possible Regulatory and Legislative Responses, Lessons for Bank...

Legislative responses to recent banking industry failures could include reinstating various rules that formerly applied to banks with more than $100 billion in assets. There are a variety of measures which bank depositors...more

Nutter McClennen & Fish LLP

Nutter Bank Report: March 2023

President Recommends Regulatory Reforms to Address Recent Bank Failures - President Biden has issued a statement urging the federal banking agencies to adopt regulatory reforms that are meant to reduce the risk of future...more

Seyfarth Shaw LLP

Silicon Valley Bank and Signature Bank

Seyfarth Shaw LLP on

The FDIC has statutory obligations to maximize the net present value return from the sale or disposition of the assets entrusted to it as receiver, and to minimize the amount of any loss realized.[1] Today we examine the...more

WilmerHale

A Look At The Feds' Extraordinary Reaction To SVB Collapse

WilmerHale on

On Sunday evening, the U.S. Department of the Treasury, Federal Reserve, and the Federal Deposit Insurance Corporation announced measures to (1) prevent losses to all depositors — including all uninsured depositors — after...more

Proskauer Rose LLP

Understanding the Federal Reserve’s New Bank Term Funding Program in Response to Recent Bank Failures

Proskauer Rose LLP on

On March 12, 2023, in the wake of shutdowns of Silicon Valley Bank and Signature Bank by regulators in their respective states, the Federal Reserve Board announced the creation of a new Bank Term Funding Program (“BTFP”)...more

UB Greensfelder LLP

Federal Government Makes Significant Moves to Instill Confidence in US Banking System

UB Greensfelder LLP on

On Sunday evening, March 12, 2023, two extraordinary joint press releases were simultaneously issued by the U.S. Department of Treasury, the Federal Reserve Bank, and the Federal Deposit Insurance Corporation (FDIC). The...more

Royer Cooper Cohen Braunfeld LLC

Silicon Valley Bank and Signature Bank Closures; Federal Regulators Announce Plan to Protect Depositors

On Friday, March 10, 2023, the California Department of Financial Protection & Innovation, aided by the Federal Deposit Insurance Corporation (“FDIC”) shuttered Silicon Valley Bank (“SVB”) over concerns surrounding its...more

Foley & Lardner LLP

Borrowers at Failed FDIC-Insured Institutions: FAQs

Foley & Lardner LLP on

On March 10, 2023, the California Department of Financial Protection and Innovation (DFPI) closed Silicon Valley Bank (SVB). Upon closure, the DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The...more

Goodwin

FAQ About Recent Bank Failures in the US

Goodwin on

What actions did the US government take on Sunday with respect to Silicon Valley Bank (SVB) and Signature Bank? On Sunday, March 12, the FDIC, the Federal Reserve, and the US Treasury Department announced that the US...more

Cooley LLP

After bank failures, SEC Chair reassures that the SEC is on the job

Cooley LLP on

So far, the SEC has been rather quiet about the impact of last week’s bank failures. Here is a brief statement from SEC Chair Gary Gensler...more

Womble Bond Dickinson

Update on Silicon Valley Bank Failure and Recent Actions Taken by the Federal Government to Strengthen Confidence in the U.S....

Womble Bond Dickinson on

On Sunday, March 12, 2023, the Department of Treasury, Federal Reserve and FDIC issued a joint statement confirming that they were taking decisive action to protect the U.S. economy by strengthening public confidence in our...more

WilmerHale

Treasury, Federal Reserve, and FDIC Take Actions to Protect Bank Depositors and Support Bank Liquidity to Conduct Operations

WilmerHale on

On Sunday evening, the Department of the Treasury (Treasury), Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) announced measures to (1) prevent losses to all depositors—including all uninsured...more

Lowenstein Sandler LLP

Silicon Valley Bank: A Timeline and Summary of Events

Lowenstein Sandler LLP on

On Friday, March 10, the Federal Deposit Insurance Corporation (FDIC) shuttered Silicon Valley Bank (SVB) and seized its deposits in the second-largest bank collapse in U.S. history. In this alert, we’ve mapped out the events...more

Brownstein Hyatt Farber Schreck

SVB and Signature Bank Fallout: How to Assess Your Legal Risk and Next Steps

The failure of two large banks in California and New York and the historic fallout has left a quagmire of unanswered questions and crises for businesses who had worked with them—and those who may feel the ricocheting effects...more

Seward & Kissel LLP

Bank Failure: Background and Issues to Consider

Seward & Kissel LLP on

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, March 10, 2023, the California Department...more

Perkins Coie

Distressed Bank Update as of March 12, 2023

Perkins Coie on

At 6:15 p.m. ET on March 12, 2023, the Department of the Treasury, Federal Reserve, and FDIC announced “actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that...more

White & Case LLP

Top Depositor Questions on the Silicon Valley Bank Receivership

White & Case LLP on

On Friday, March 10, 2023, the Federal Deposit Insurance Corporation (“FDIC”) was appointed the receiver for Silicon Valley Bank (“SVB”). The FDIC created the Deposit Insurance National Bank of Santa Clara (“DINB”) and...more

Skadden, Arps, Slate, Meagher & Flom LLP

US Government Takes Major Steps To Make Depositors Whole and Provide Liquidity

This alert provides background on the failure of Silicon Valley Bank and explains significant recent developments, including the subsequent failure of Signature Bank and the U.S. government’s announcement that the Federal...more

Perkins Coie

Silicon Valley Bank Update as of March 11, 2023

Perkins Coie on

Below is an overview of the failure of Silicon Valley Bank (SVB) and what we expect to happen next. This reflects information as of 4:00 p.m. PT on March 11, 2023. We note that it is an evolving situation; we will provide...more

Foley Hoag LLP

Department of the Treasury, Federal Reserve, and FDIC Issue Joint Statement

Foley Hoag LLP on

On Sunday, March 12, 2023, the Treasury Department, the Federal Reserve, and the FDIC issued a joint statement indicating that there has been an agreement to roll out emergency measures to protect depositors at SVB. The...more

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