Another former FDIC chair added that the failure of SVB should be 'a wake-up call' to other banks about the risks they face.
, collapsed on Friday after spooked customers began a run on their deposits. That run began a downward spiral that ultimately led to the FDIC taking control of the bank to figure out how to pay back its roughly $150 million in uninsured deposits. SVB's swift downfall was the largest for such an institution since the 2008 global financial crisis.
Above, a photo of a Silicon Valley Bank building in 2016. A former FDIC chair believes that more banks will fail in the near future following the collapse of SVB on Friday.As Politico noted, Isaac shepherded numerous banks through failure during his time in the FDIC. His tenure was marked by rising inflation and interest rates, with the former chair comparing that time to the current landscape.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How Silicon Valley Turned on Silicon Valley BankThe fallout from Silicon Valley Bank threatens to engulf Silicon Valley—and has put the rest of the banking system on edge
Read more »
Fed, Treasury, and FDIC Announce Actions to Backstop Banks After Silicon Valley MeltdownThe U.S. government on Sunday sought to affirm confidence in the U.S. banking system by announcing protection for all depositors in Silicon Valley Bank. | Economy
Read more »
Former FDIC chair Bair says buyer for Silicon Valley Bank is the ‘best outcome’Former FDIC chair Sheila Bair says finding a buyer for Silicon Valley Bank is the “best outcome” after it was shut down by regulators last week over concerns about its solvency.
Read more »
Silicon Valley Bank has been closed by regulators, in FDIC possessionWhat You Need To Know About Markets And The Economy
Read more »
Silicon Valley Bank shut down by regulators, FDICSilicon Valley Bank, a major lender to tech startups and the 16th largest bank in the U.S. is shutting down. CNBC's Dominic Chu reports on what triggered SVB's downfall and whether concerns around the bank are connected to its concentration in the tech sector.
Read more »
U.S. Lawmakers Met With Fed, FDIC to Discuss Collapse of Silicon Valley Bank: SourceU.S. lawmakers met with federal regulators late Friday to discuss the collapse of SVB_Financial hours after regulators took it over, according to a person familiar with the matter. nikhileshde reports
Read more »