Treasury Secretary Janet Yellen on Friday convened leading financial regulators over the Silicon Valley Bank crisis.
Yellen convened the leaders of the Federal Reserve, the Federal Deposit Insurance Corporation , and the Office of the Comptroller of the Currency to discuss what actions should be taken now that regulators shut down Silicon Valley Bank., “Secretary Yellen expressed full confidence in banking regulators to take appropriate actions in response and noted that the banking system remains resilient and regulators have effective tools to address this type of event.
All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.
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