fdic

4 Minutes

First Citizens Bank Acquires Silicon Valley Bank, Costing FDIC Deposit Insurance Fund an Estimated $20B

Michelle B. Velez March 27, 2023 0 Comment

According to the Federal Deposit Insurance Corporation (FDIC), the troubled bank Silicon Valley Bank (SVB) was acquired by First Citizens Bank & Trust Company, which is based in Raleigh, North Carolina. First Citizens acquired...

1 Minute

Video

How the FDIC Protects You When Your Bank Fails | WSJ

Michelle B. Velez March 20, 2023 0 Comment

The Federal Deposit Insurance Corporation was created from the Banking Act of 1933 to prevent the bank runs seen during the Great Depression. With Silicon Valley and Signature Banks, the FDIC is doing what...

2 Minutes

Crypto News

Midsize US Banks Ask Regulators to Extend FDIC Insurance to All Deposits for 2 Years Before Another Bank Fails

Michelle B. Velez March 20, 2023 0 Comment

The Mid-Size Bank Coalition of America has asked federal regulators to extend FDIC insurance to cover all deposits for the next two years. “Doing so will immediately halt the exodus of deposits from smaller...

2 Minutes

Crypto News

Republican Congressman Tom Emmer Queries FDIC on Alleged Efforts to Purge Crypto Activity from US

Michelle B. Velez March 16, 2023 0 Comment

On Wednesday, Tom Emmer, the U.S. Republican congressman from Minnesota, revealed he sent a letter to Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation (FDIC), regarding reports that the FDIC is “weaponizing...

1 Minute

Video

How the FDIC Protects Depositors’ Cash | Your Money Briefing | WSJ

Michelle B. Velez March 15, 2023 0 Comment

The government says depositors with Silicon Valley Bank and other banks that have failed this past week will still be able to access their cash through the FDIC. WSJ’s Imani Moise joins host J.R....

2 Minutes

Crypto News

FDIC Creates Bridge Banks for Failed Silicon Valley Bank and Signature Bank Clients to Access Funds

Michelle B. Velez March 13, 2023 0 Comment

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...

2 Minutes

Crypto News

Report: Silicon Valley Bank Under FDIC Auction as Calls for Bailout Grow

Michelle B. Velez March 12, 2023 0 Comment

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...