Feds Shut Down Signature Bank

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Last Updated on March 13, 2023 by Bitfinsider

All Silicon Valley Bank customers will have access to their money beginning Monday, as will depositors of Signature Bank, which was also closed down Sunday by New York’s state chartering authority.

The announcement was made in a combined statement issued by US Federal Reserve Chairman Jerome Powell, US Treasury Secretary Janet Yellen, and FDIC Chairman Martin Gruenberg.

According to a press statement, the decision was taken in consultation with President Joe Biden, and no losses will be borne by the US taxpayer as a consequence of the resolve.

“The United States banking system remains resilient and on a solid footing,” according to the joint statement, noting banking rules enacted following the 2008 global financial crisis that “ensured improved safeguards for the banking sector.”

Signature and Silicon Valley Bank depositors will be compensated after the Feds shut down Signature Bank.
The statement reassured worried investors that the “banking system in the United States remains robust” despite the collapse of several organizations.

All Silicon Valley Bank customers will have access to their money beginning Monday, as will depositors of Signature Bank, which was also closed down Sunday by New York’s state chartering authority.

The announcement was made in a combined statement issued by US Federal Reserve Chairman Jerome Powell, US Treasury Secretary Janet Yellen, and FDIC Chairman Martin Gruenberg.

According to a press statement, the decision was taken in consultation with President Joe Biden, and no losses will be borne by the US taxpayer as a consequence of the resolve.

“The United States banking system remains resilient and on a solid footing,” according to the joint statement, noting banking rules enacted following the 2008 global financial crisis that “ensured improved safeguards for the banking sector.”


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