![]() Officials with Phoenix regional bank Western Alliance said that withdrawals had been “moderate” as the company’s stock went into free-fall on Monday, according to CNBC. EDT March 13: Several banks issued statements to assure customers and clients amid market volatility spurred by the collapse in recent days of Silicon Valley Bank and Signature Bank. Theresa Seiger, Cox Media Group National Content Desk Regional banks assure customers amid volatility prompted by bank collapses It is tasked with insuring checking and savings accounts, certificates of deposit and money market deposit accounts. The FDIC was created following the Great Depression. Officials added that uninsured depositors “will receive a receivership certificate for the remaining amount of their uninsured funds.” EDT March 13: Over the weekend the Federal Deposit Insurance Corporation, or FDIC, told people who deposited funds into Silicon Valley Bank that they would receive up to $250,000, if their accounts were eligible. Theresa Seiger, Cox Media Group National Content Desk What is the FDIC? But the site keeps crashing,” according to Bloomberg News. Venture capitalist Mamoon Hamid said that on Monday morning, “some companies (have) been able to get funds out. One more small business depositor who was able to get their money out of SVB and can now continue to operate, to pay vendors ( and employees. Spencer Rascoff, an entrepreneur and co-founder of Zillow, said in a tweet that he was able to transfer funds from a business account with Silicon Valley Bank about three hours after initiating the transfer. EDT March 13: Some of Silicon Valley Bank’s customers began to regain access to their accounts on Monday, although some reported hiccups, according to Bloomberg News. Theresa Seiger, Cox Media Group National Content Desk Some start regaining access to SVB accounts Instead, the money will come from fees that banks pay into the deposit insurance fund.” This is not going to be on the taxpayers.”Įarlier, President Joe Biden said, “No losses will be borne by taxpayers. Speaking to remembers on Air Force One, White House press secretary Karine Jean-Pierre said, ”This is not 2008 at all. EDT March 13: Federal officials on Monday said that action taken in response to the failure of Silicon Valley Bank is not a “bailout,” The Washington Post reported. Jessica Goodman, Cox Media Group National Content Desk White House rejects calling federal intervention ‘bailout’ of Silicon Valley Bank “We need to have humility, and conduct a careful and thorough review of how we supervised and regulated this firm, and what we should learn from this experience,” said Vice Chair Barr in the news release. Powell in a news release from the Federal Reserve Board. “The events surrounding Silicon Valley Bank demand a thorough, transparent, and swift review by the Federal Reserve,” said Chair Jerome H. The review is expected to be released to the public on May 1, the newspaper reported.
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