News & Analysis as of September 13, 2024

Financial Institutions

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The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s. The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships. less -

Insights from the SVB Bankruptcy: Insurance Lessons for Directors and Officers

Woodruff Sawyer on 4/11/2024

There were 18,926 business bankruptcy filings in 2023. The number of companies that filed for bankruptcy with $1 billion or more in liabilities was 22. Some notable companies filed for bankruptcy including RiteAid, Vice...more

FAQs About US Bank Failure

Goodwin on 1/10/2024

Deposit Insurance - Are the deposits at my bank FDIC-insured? Deposits held at FDIC-insured depository institutions are insured up to $250,000 per depositor for deposits held in the same “right and capacity.”...more

FDIC Issues Bank Failure Post Mortem Report

Cadwalader, Wickersham & Taft LLP on 9/19/2023

Recently, the Federal Deposit Insurance Corporation (“FDIC”) issued a report from its Chief Risk Officer entitled FDIC’s Supervision of First Republic Bank. The FDIC was First Republic Bank’s primary federal banking agency,...more

Federal Banking Agencies Propose Basel III Endgame Capital Rules

Goodwin on 8/4/2023

On July 27, 2023, the Federal Reserve, FDIC, and OCC issued a notice of proposed rulemaking and request for comment on a proposal (the Proposal) to implement the final components of the Basel III Capital Accords, often...more

Increased Scrutiny of Uninsured Deposits Continues: FDIC Reminds IDIs of Uninsured Deposit Reporting Obligations

Morgan Lewis - All Things FinReg on 7/31/2023

The Federal Deposit Insurance Corporation (FDIC) continued the focus shown over the last several months, and especially since the March 2023 failure of Silicon Valley Bank (SVB) and associated events, by the federal banking...more

What Should Mid-Market Companies Do To Protect Deposits During the Current Bank Liquidity Crunch?

Davidoff Hutcher & Citron LLP on 6/2/2023

Breaking Up Is Hard To Do - In the wake of the collapse of Silicon Valley Bank and Signature Bank, every chief executive officer of a mid-market privately held company had the same two questions this morning: what banks hold...more

FDIC Proposes Special Deposit Insurance Assessment After Systemic Risk Exception

Cadwalader, Wickersham & Taft LLP on 5/12/2023

The Federal Deposit Insurance Corporation (“FDIC”) Board voted (3-2) to propose a special assessment to recoup the expected $15.8 billion cost to the Deposit Insurance Fund “(DIF”) in the wake of invocation of the special...more

Regulators Offer Candid Assessment of the Root Causes for SVB and Signature Failures

Kilpatrick on 5/10/2023

A toxic combination of poor risk management and poor regulatory supervision proved fatal for Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”), according to a series of reports released on April 28, 2023 by federal...more

TL;DR: The Feds on SVB and Deposit Insurance Reform

Miller Nash LLP on 5/9/2023

The Federal Reserve recently published a whopping 118-page review of the failure of Silicon Valley Bank (SVB), and three days later the FDIC published a 75-page report outlining several ideas to reform our deposit insurance...more

The Federal Reserve and FDIC’s Reports on the Silicon Valley Bank and Signature Bank Failures – Lessons to be Learned

Wyrick Robbins Yates & Ponton LLP on 5/9/2023

On April 28, 2023, the Board of Governors of the Federal Reserve System (“Federal Reserve”) and the Federal Deposit Insurance Corporation (“FDIC”) each released reports detailing the respective agency’s supervision history...more

Nutter Bank Report: April 2023

Nutter McClennen & Fish LLP on 4/28/2023

FDIC and OCC Issue Guidance on Authorize Positive, Settle Negative Overdraft Fee Risks. The FDIC and the OCC each have issued supervisory guidance on consumer compliance risk exposure related to the assessment of overdraft...more

FDIC Vice Chair Hill Speaks on Recent Bank Failures

Cadwalader, Wickersham & Taft LLP on 4/13/2023

Federal Deposit Insurance Corporation (“FDIC”) Vice Chair Travis Hill gave a speech earlier this week, titled “Recent Bank Failures and the Path Ahead,” at the Bipartisan Policy Center. The speech appears to be Vice Chair...more

Debt Download - March 2023

Goodwin on 4/4/2023

Welcome to Goodwin’s Debt Download, our monthly newsletter covering what you need to know in the leveraged finance market. This month, we focus our coverage on the turmoil in the banking industry resulting from the failures...more

Key Takeaways from the FDIC’s Receiverships of Silicon Valley Bank And Signature Bank

Dinsmore & Shohl LLP on 4/4/2023

On March 10, 2023, Silicon Valley Bank and Signature Bank were closed by their respective jurisdictions’ financial service agencies due to a high influx of depositors making massive withdrawals in the week prior....more

Complying with Wage and Hour Obligations in the Face of Crisis

CDF Labor Law LLP on 3/30/2023

The recent seizure and shutdown of two prominent regional banks – Silicon Valley Bank and Signature Bank – highlights for employers the issues that an unexpected liquidity crisis may bring. And, it’s not just banking...more

Congressional Hearings Calling Federal Regulators to Task for Recent Bank Failures

Cadwalader, Wickersham & Taft LLP on 3/30/2023

Both the Senate Banking Committee and House Financial Services Committee held hearings this week on the federal regulatory response to the failures of Silicon Valley Bank (“SVB”) and Signature Bank. Witnesses at both hearings...more

Silicon Valley Bank and Signature Bank

Seyfarth Shaw LLP on 3/28/2023

The FDIC has statutory obligations to maximize the net present value return from the sale or disposition of the assets entrusted to it as receiver, and to minimize the amount of any loss realized.[1] Today we examine the...more

Reflections on the Ongoing Challenges for Banks and Bank Clients in the Wake of SVB's Failure

Quarles & Brady LLP on 3/28/2023

Banks and all those who do business with banks --essentially all of us-- have been shaken over events that have occurred over the last couple of weeks, certainly since the Government announcement that Silicon Valley Bank...more

Silicon Valley Bank Auction and Signature Bank Sale

Seyfarth Shaw LLP on 3/28/2023

Bank Asset Auction: Bids for Silicon Valley Bridge Bank, N.A. (“SVB”) and its subsidiary Silicon Valley Private Bank, together or separately, in whole or in part, are due by Wednesday, March 22, 2023 at 8 p.m. and Friday,...more

Creditor Claims Against Silicon Valley Bank and Signature Bank

Seyfarth Shaw LLP on 3/27/2023

The FDIC has announced the proof of claim deadlines for proofs of claim to be filed with the FDIC as receiver of the failed banks, Silicon Valley Bank (“SVB”) and Signature Bank. The deadline to file a proof of claim against...more

Beware the Ides of March – practical considerations if your bank is failing

Hogan Lovells on 3/27/2023

Everybody knows that, logically, banks can fail. Few expect them to. Silicon Valley Bank (SVB), the U.S.’s 16th largest bank, was closed on 10 March 2023, and the Federal Deposit Insurance Corporation (FDIC) appointed as...more

Are My Bank Deposits Insured by the FDIC?

UB Greensfelder LLP on 3/23/2023

With the recent failures of Silicon Valley Bank on March 10, 2023, and Signature Bank on March 12, 2023, clients are asking whether their bank deposits are protected by Federal Deposit Insurance Corporation (FDIC) insurance....more

FDIC Seeks More Bids for SVB Receivership Assets

Cadwalader, Wickersham & Taft LLP on 3/23/2023

As we have previously discussed, after the failure of Silicon Valley Bank (“SVB”), the FDIC is operating the Silicon Valley Bridge Bank, N.A. (“Bridge Bank”) in many ways as if it’s business as usual to help preserve as much...more

SVB Financial Group Chapter 11 Case – Issues with the FDIC May Be Front and Center

Cadwalader, Wickersham & Taft LLP on 3/22/2023

As many parties expected, on March 17, 2023 SVB Financial Group (“SVB Financial” or the “Debtor”) the holding company for Silicon Valley Bank, commenced a case under chapter 11 of the United States Bankruptcy Code (the...more

Silicon Valley Bank Collapse Highlights QSBS Issues

Orrick, Herrington & Sutcliffe LLP on 3/22/2023

In the wake of Silicon Valley Bank’s failure earlier this month, many technology companies are re-examining their treasury management programs and are considering moving cash into a variety of non-demand-deposit instruments,...more

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