A coalition of midsized US banks has asked federal regulators to guarantee all of their customers' deposits for two years.
SAN FRANCISCO - A coalition of midsized US banks has asked federal regulators to guarantee all of their customers' deposits for two years, even above the usual $250,000 limit, to avoid contagion after Silicon Valley Bank's collapse, Bloomberg reported.
Many customers of similarly sized banks have withdrawn their money and deposited it with larger institutions, such as JPMorgan Chase or Bank of America, which are considered too big for the government not to bail them out should they face collapse. "Notwithstanding the overall health and safety of the banking industry, confidence has been eroded in all but the largest banks," the coalition said, according to Bloomberg.
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