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Goodwin

Debt Download - March 2023

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Welcome to Goodwin’s Debt Download, our monthly newsletter covering what you need to know in the leveraged finance market. This month, we focus our coverage on the turmoil in the banking industry resulting from the failures...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

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

Cadwalader, Wickersham & Taft LLP

FRB Establishes Bank Term Funding Program to Aid Liquidity Availability

As we noted very briefly on Monday in our “Quick Take on a Sudden Change in the Banking Landscape,” among the various actions the government took Sunday evening to try to stabilize the banking market, the Federal Reserve...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

Jackson Walker

What Businesses Should Know About Collapse of Silicon Valley and Signature Banks

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On Friday, March 10, 2023, news broke of the collapse of Silicon Valley Bank, the 16th largest bank in the United States with $213 billion in assets reported as of December 2022. Soon after, on Sunday, March 12, Signature...more

Goodwin

FAQ About Recent Bank Failures in the US

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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

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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

Orrick, Herrington & Sutcliffe LLP

Hot Off the Press: Efforts to Stabilize the U.S. Banking System

In a joint statement, the Department of the Treasury, the Federal Reserve and the FDIC announced that...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

Goodwin

FinCEN Issues NPRM Regarding Access to Beneficial Ownership Information and Related Safeguards

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Regulatory Developments - FinCEN Issues NPRM Regarding Access to Beneficial Ownership Information and Related Safeguards - On December 15, FinCEN issued a Notice of Proposed Rulemaking (NPRM) that would implement...more

Nutter McClennen & Fish LLP

Nutter Bank Report: March 2021

Federal Reserve Issues New Guidance on Managing the LIBOR Transition - The Federal Reserve has issued guidance on how examiners will assess a banking organization’s progress in preparing to transition to a replacement rate...more

Goodwin

SBA Implemented Changes to PPP as a Part of American Rescue Plan Act

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In this Issue. The federal bank regulatory agencies announced that the temporary change to the supplementary leverage ratio for depository institutions will expire as scheduled on March 31, 2021; the Small Business...more

Robins Kaplan LLP

Financial Daily Dose 3.23.2021 | Top Story: White House Rolls Out Early Plans for $3T in Infrastructure, Anti-Inequality Spending

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The Biden administration is reportedly preparing a series of infrastructure, anti-inequality, environmental, and family-focused initiatives that could involve a combined $3 trillion of spending, though details “remain in...more

Robins Kaplan LLP

Financial Daily Dose 2.10.2021 | Top Story: U.S. Drops Plans to Force TikTok Sale to Oracle and Walmart

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After months of drama that we dutifully catalogued right here, the U.S. plan to “force the sale of TikTok’s American operations” to Oracle and Walmart “has been shelved indefinitely.” The forced sale has “languished since...more

Goodwin

SEC Finalizes Reforms Under Investment Advisers Act

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In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - January 2021

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Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more

Robins Kaplan LLP

Financial Daily Dose 12.17.2020 | Top Story: Fed Stays Bond-Buying Course, Urges Congress to Pass Covid Relief

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The Fed’s Open Markets Committee meeting wrapped on Wednesday, and in remarks following the meeting, Fed Chair Powell called the case for fiscal policy right now “very, very strong,”—a not-so-subtle nudge to Congress to act...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, December 2020 # 12

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In Washington: The “four corners”— House Speaker Nancy Pelosi (D-CA), House Minority Leader Kevin McCarthy (R-CA), Senate Minority Leader Chuck Schumer (D-NY), Senate Majority Leader Mitch McConnell (R-KY)—are reportedly...more

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