News & Analysis as of

Federal Reserve U.S. Treasury Banks

Troutman Pepper

FSOC Votes Unanimously to Finalize Process for Designating Nonbanks for Federal Reserve Supervision

Troutman Pepper on

On November 3, the Financial Stability Oversight Council (FSOC) voted unanimously to finalize the procedures for designating a nonbank financial company for Federal Reserve supervision. FSOC’s Interpretive Guidance aims to...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

Latham & Watkins LLP

FDIC Vice Chairman Cautions Against New Regulation as a Response to Recent Bank Failures

Latham & Watkins LLP on

In contrast with the White House’s position, the Vice Chairman denied that loosened Dodd-Frank rules contributed to the recent bank failures. On April 12, 2023, Federal Deposit Insurance Corporation (FDIC) Vice Chairman...more

Amundsen Davis LLC

Calming Depositor Angst at Community Banks

Amundsen Davis LLC on

The recent issues involving community and regional banks, such as Silicon Valley Bank, Signature Bank, and First Republic, have led depositors to flock to the larger banks, such as Chase. Chase’s CFO Jeremy Barnum, in Chase’s...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

Morrison & Foerster LLP

FDIC Bank Receivership Frequently Asked Questions - UPDATED 3/20/2023

UPDATE (3/20 PM): Developments Related to Flagstar Bank, SVBB, SVB Financial Group, Credit Suisse, and First Republic Bank- On March 19, 2023, the FDIC announced that the agency has entered into a purchase and...more

Goodwin

The U.S. Government Takes Action on the Silicon Valley Bank and Signature Bank Failures

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Regulatory Developments - The U.S. Government Takes Action on the Silicon Valley Bank and Signature Bank Failures - On March 12, the FDIC, the Federal Reserve, and the U.S. Treasury Department announced that the U.S....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

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

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

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

Mintz - Bankruptcy & Restructuring Viewpoints

Frequently Asked Questions Related to Silicon Valley Bank Receivership

In a press release published on Friday, March 10, 2023, the Federal Deposit Insurance Corporation (FDIC) announced that the California Department of Financial Protection and Innovation had, as of the same date, closed Silicon...more

Holland & Hart LLP

Silicon Valley Bank Collapse: Navigating Risk and Implications

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No business is immune from the possibility that things can go wrong—horribly wrong. On Friday, March 10, 2023, Silicon Valley Bank (SVB), the go-to bank for US tech startups, was shut down and taken over by federal regulators...more

Mintz - Bankruptcy & Restructuring Viewpoints

Federal Reserve Invokes Systemic Risk Exception to Make SVB Depositors Whole

Following the Mintz alert concerning the failure and receivership of Silicon Valley Bank (SVB) published earlier in the day on March 12, 2023, the FDIC, together with the Federal Reserve and the Department of the Treasury,...more

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