FDIC
Fight Brewing Between Silicon Valley Bank's Former Parent Company and FDIC
A legal fight is ramping up between the FDIC and the former parent company of Silicon Valley Bank. SVB Financial said the banking regulator took "improper actions" and can't access its money held at its former unit. Dov Kleiner, partner at Kleinberg, Kaplan, Wolff & Cohen, P.C., discusses the key takeaways from the bankruptcy hearing. Plus, reactions to Bloomberg reporting Silicon Valley Bank loans to insiders tripled to $219 million before being overtaken by regulators.
Looking at Some Unanswered Signature and Silvergate Bank Questions
Just what exactly forced the shutdowns?
Treasury Secretary Yellen: U.S. Could Backstop More Deposits if Necessary to Support Banking System
Treasury Secretary Janet Yellen said Tuesday that the U.S. government is already taking steps to backstop deposits, saying "similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion." Meanwhile, U.S. officials are studying ways to temporarily expand FDIC coverage to all deposits if needed in a crisis. "The Hash" panel discusses the latest developments amid a brewing banking crisis.
Failed Signature Bank Developments; Bitcoin’s Bullish Sentiment
According to a press release from the FDIC, Signature Bank's (now Signature Bridge Bank) non-crypto related deposits are being assumed by Flagstar Bank, N.A., a subsidiary of New York Community Bancorp. Plus, bitcoin (BTC) breaks above $28,000, touching its highest level since June 2022.
New York Community Bank Buying Large Portion of Failed Signature Bank
Non-crypto related deposits held by former Signature Bank (now Signature Bridge Bank) will be assumed by Flagstar Bank, N.A., a subsidiary of New York Community Bancorp, as of Monday under a purchase and assumption agreement, the FDIC said in a press release on Sunday U.S. time. Custodia Bank founder and CEO Caitlin Long shares her reaction.
Signature Bank Non-Crypto Related Deposits to Be Assumed by New York Community Bancorp Unit: FDIC
Non-crypto related deposits held by former Signature Bank (now Signature Bridge Bank) will be assumed by Flagstar Bank, N.A., a subsidiary of New York Community Bancorp, according to a press release from the FDIC. CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De weighs in on what this means for the crypto industry.
Custodia Bank’s Caitlin Long on State of U.S. Crypto Regulation Amid Banking Turmoil
New York Community Bank has agreed to buy a major chunk of failed Signature Bank, according to the FDIC. Custodia Bank founder and CEO Caitlin Long discusses what to make of the lingering U.S. banking jitters and the potential impact on crypto regulation in the country. Plus, her reaction to UBS purchasing rival Credit Suisse.
No Crypto Banking Port Has Really Opened Up in This U.S. Storm
As Silvergate, Signature and Silicon Valley banks imploded, crypto customers grabbed assets and ran, but those hoping to land at major U.S. banks have been mostly disappointed.
Signature Bank Noncrypto-Related Deposits to Be Assumed by New York Community Bancorp Unit: FDIC
The 40 former branches of Signature Bank will operate under New York Community Bancorp's Flagstar Bank, N.A., from Monday. The FDIC will provide digital-banking business deposits directly to those customers.
