FDIC: New FIL Clairifies Financial Institutions are Required to Meet Contractual Obligations with Bridge Banks
In recent days, the FDIC has established two bridge banks, Silicon Valley Bridge Bank, N.A. and Signature Bridge Bank, N.A., to assume the deposits and obligations of two failing banks. All contracts entered into with banks before they failed, and their counterparties were transferred into the bridge bank by the FDIC as receiver. Accordingly, vendors…
CDFI Fund: Public Comments Requested on Community Development Entity Certification Application
The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S….
FDIC: Agency Acts to Protect All Depositors of the Former Silicon Valley Bank
The Federal Deposit Insurance Corporation (FDIC) today transferred all deposits—both insured and uninsured—and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated ‘bridge bank’ in an action designed to protect all depositors of Silicon Valley Bank. Depositors will have full access to their money beginning…
HUD: Fiscal Year 2024 Budget in Brief Released
Proposed budget would significantly invest in building affordable housing, expanding access to homeownership, redressing housing discrimination, enhancing household mobility, and ending homelessness Today, the U.S. Department of Housing and Urban Development (HUD) released details about its fiscal year 2024 budget request. Find the HUD FY24 budget at hud.gov/budget. On Thursday, March 9, the Biden-Harris Administration released the…
Federal Reserve: Review of the Supervision and Regulation of Silicon Valley Bank Underway in Light of Its Failure
Federal Reserve Board Announces that Vice Chair for Supervision Michael S. Barr is Leading the Review The Federal Reserve Board on Monday announced that Vice Chair for Supervision Michael S. Barr is leading a review of the supervision and regulation of Silicon Valley Bank, in light of its failure. The review will be publicly released…
Joint Statement by Treasury, Federal Reserve and FDIC on Banking System
The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg: Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues…
Federal Reserve: Additional Funding Announced for Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of All Depositors
To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing…
FDIC: Signature Bridge Bank, N.A., Established as Successor to Signature Bank, New York
Signature Bank, New York, NY, was closed today by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., a full-service bank that will…
HUD: 2023 Innovative Housing Showcase Featuring Affordable Housing Solutions Scheduled for June
HUD to host third showcase on National Mall from June 9-11, 2023 U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge today announces that HUD will host the 2023 Innovative Housing Showcase on the National Mall from June 9 to 11, 2023. The Showcase is a public event to raise awareness of…
FDIC: Deposit Insurance National Bank of Santa Clara Created to Protect Insured Depositors of Silicon Valley Bank
Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred…