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Federal Investigators Probe Silicon Valley Bank Collapse; SVB and Top Execs Sued by Shareholders
14.3.2023
The parent company of Silicon Valley Bank, SVB Financial Group, and two senior executives have been sued by shareholders after SVB’s collapse last Friday. The proposed class action accuses SVB of hiding the fact that interest rate hikes would leave the bank in jeopardy. Additionally...
FDIC to attempt another auction of Silicon Valley Bank: Report
14.3.2023
Regulators are planning another auction for Silicon Valley Bank after the previous attempt to find a new owner failed
Bank Board Member and Dodd-Frank Co-Sponsor Barney Frank Suspects ‘Anti-Crypto’ Message Behind Signature Bank Failure
13.3.2023
Barney Frank, a former member of the U.S. House of Representatives from Massachusetts and leading co-sponsor of the 2010 Dodd-Frank Act, discussed his opinion on the recent failure of Signature Bank. In an interview, Frank stated that he believes regulators aimed to “send a very strong...
FDIC Creates Bridge Banks for Failed Silicon Valley Bank and Signature Bank Clients to Access Funds
13.3.2023
The U.S. Federal Deposit Insurance Corporation (FDIC) has announced that clients of Silicon Valley Bank (SVB) and Signature Bank (SBNY) can access their funds during normal banking hours on Monday, March 13, 2023. The FDIC stated that both banks’ deposits were made whole under...
NY Regulators Seize Control of Signature Bank, Depositors Assured by Federal Bailout
13.3.2023
On Sunday, the New York Department of Financial Services, or DFS, announced that it had taken possession of Signature Bank. The DFS appointed the Federal Deposit Insurance Corporation, or FDIC, as the receiver of the bank. In a joint statement, the U.S. Federal Reserve, Treasury Department,...
Report: Silicon Valley Bank Under FDIC Auction as Calls for Bailout Grow
12.3.2023
The U.S. Federal Deposit Insurance Corporation (FDIC) began an auction process for Silicon Valley Bank (SVB) late Saturday night, according to reports. Final bids are due by Sunday afternoon. Unnamed sources indicate that the FDIC is seeking to close the deal promptly after California regulators...
Bill Ackman warns US gov't: Fix mistake in ‘48 hours’ or face ‘destruction’
12.3.2023
Billionaire Bill Ackman said that SVB’s senior management made a “basic mistake” but should be fired
‘Fiat Is Fragile’ — Silicon Valley Bank’s Collapse Sparks Finger-Pointing and Concerns of Contagion
11.3.2023
Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged catalysts have been pointed to. Some believe venture...
US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual
10.3.2023
After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over...
Silvergate reportedly talks with FDIC on ways to avoid shutdown
8.3.2023
Officials from the government agency reportedly entered Silvergate’s headquarters last week, with discussions revolving around how to salvage the crypto bank
US Regulators and the Fed Jointly Issue Crypto Warnings
5.1.2023
The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have jointly issued warnings about crypto risks to banking organizations. “The agencies have significant safety and soundness concerns with business models that...
Former US Regulator Likens FTX and Sam Bankman-Fried to Bernie Madoff and His Ponzi Scheme
20.11.2022
Former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair likens the fall of crypto exchange FTX and its former CEO Sam Bankman-Fried to the infamous Ponzi Scheme of Bernie Madoff. “It felt very Bernie Madoff-like in that way,” she said. Former FDIC Chair Compares FTX...
Regulators have a weak case against FTX on deposit insurance
26.8.2022
FTX made an error in messaging when it suggested depositors were insured, but federal regulators will have a hard time proving the exchange did so with sinister motives
FDIC Issues Crypto-Related Cease and Desist Orders to 5 Companies Including FTX US Exchange
21.8.2022
The Federal Deposit Insurance Corporation (FDIC) has sent a cease and desist letter to five companies, including crypto exchange FTX US. CEO Sam Bankman-Fried explained that FTX does not have FDIC insurance, stating: “We never meant otherwise, and apologize if anyone misinterpreted...
Bankrupt Crypto Firm Voyager Digital Approved to Release $270 Million in Cash Deposits
5.8.2022
The now defunct and bankrupt Voyager Digital has been approved by the court to distribute $270 million in funds to creditors and affected customers. The news follows the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board ordering Voyager to remove any statements that allege...
Fed Board, FDIC Order Voyager Digital to Retract Federal Deposit Insurance Claims
29.7.2022
Following Voyager Digital’s application for bankruptcy protection during the first week of July, Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board today issued a joint letter to the company demanding a cease and desist against Voyager’s FDIC claims....
US Government Bodies Blast Voyager’s 'False and Misleading Statements' On Deposit Insurance
29.7.2022
In another sign of dark clouds gathering over troubled crypto platform Voyager Digital, the US Federal Deposit Insurance Corporation (FDIC) and the board of the Federal Reserve (Fed), America’s central bank, have issued a joint letter in which they demand that the company cease and desist from...
US Regulator Probes Bankrupt Crypto Lender Voyager Over Claims of FDIC Insurance
9.7.2022
The Federal Deposit Insurance Corporation (FDIC) is probing crypto lender Voyager Digital over claims that it is FDIC-insured. The crypto firm previously explained that through its strategic relationships with Metropolitan Commercial Bank, “all customers’ USD held with Voyager is FDIC...
FDIC Asks Thousands of Banks to Disclose Crypto Plans
11.4.2022
The U.S. Federal Deposit Insurance Corporation (FDIC) has asked thousands of banks and other financial institutions it supervises to declare existing crypto activities and any plans they have to engage in crypto activities in the future. Banks to Disclose Crypto Plans to FDIC The Federal Deposit...
FDIC Makes Crypto Evaluation a Priority This Year Citing ‘Significant Safety and Financial System Risks’
9.2.2022
The U.S. Federal Deposit Insurance Corporation (FDIC) has named the evaluation of crypto assets a priority this year. “The rapid introduction of a variety of crypto-asset or digital asset products into the financial system could pose significant safety and soundness and financial system...