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Relief Measures Deposit Accounts

Goodwin

FAQ About Recent Bank Failures in the US (Updated April 28, 2023)

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Are the deposits at my bank FDIC-insured? Deposits held at FDIC-insured depository institutions are insured up to $250,000 per depositor for deposits held in the same “right and capacity” (see below)....more

Goodwin

FAQ About Recent Bank Failures in the US (Updated April 12)

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I had deposits at Silicon Valley Bank (SVB) that were assumed by First Citizens. Are my deposits fully insured? Deposits at First Citizens are insured up to the standard maximum deposit insurance amount, which is $250,000...more

Goodwin

Two Major Bank Failures Require Government Regulators to Step In

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On March 10, 2023, the United States suffered the first major bank failure since the 2008 economic collapse. It was the nation’s 16th largest bank, with over $200 billion in assets....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

Goodwin

Turbulent Banking Sector Renews Interest in Cash Management and Investment Policies

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Silicon Valley Bank was a leading bank for the tech and life science sectors and for many of the venture capitalists who invest in those sectors. The bank’s abrupt disclosure on Wednesday, March 8, of significant losses on...more

Winstead PC

The Silicon Valley Bank Failure: Implications on Commercial Leasing

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This past Friday, March 10, 2023, the Federal Deposit Insurance Corp. (FDIC) announced its takeover of the failed Silicon Valley Bank (“SVB”) after a run on the bank late last week caused the largest-scale U.S. bank failure...more

WilmerHale

A Look At The Feds' Extraordinary Reaction To SVB Collapse

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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

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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

White & Case LLP

Update: Top Depositor Questions on the Silicon Valley Bank Receivership

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On Friday, March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank ("SVB") and the Federal Deposit Insurance Corporation ("FDIC") was appointed SVB's receiver....more

Morgan Lewis

SVB and Distressed Banks: Lessons Learned from a Wild Weekend

Morgan Lewis on

US governmental authorities, including the US Department of the Treasury, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation, took actions to provide both insured and uninsured...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

Womble Bond Dickinson

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

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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

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

Fenwick & West LLP

Silicon Valley Bank Closure: Important Updates for Corporate Banking Customers

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Last Updated: Sunday, March 12, 2023, 5 p.m. PDT On Friday, March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection & Innovation, The Federal Deposit Insurance Corporation...more

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