- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-03-10T20:22:00
In the largest U.S. bank failure since 2008, Silicon Valley Bank was closed Friday and its approximately $175 billion in deposits placed under control of the Federal Deposit Insurance Corporation (FDIC).
The California Department of Financial Protection and Innovation (DFPI) announced the closure, citing in a press release the bank’s “inadequate liquidity and insolvency.”
Founded in 1983 and based in Santa Clara, Calif., Silicon Valley Bank specialized in loans to the innovation economy but struggled recently with a run on deposits. The bank had total assets of $209 billion and total deposits worth $175.4 billion as of Dec. 31, 2022, the DFPI said.
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2023-03-13T16:58:00Z By Aaron Nicodemus
The White House, Department of the Treasury, and other federal banking regulators swung into action over the weekend to prevent the failure of two banks with $264 billion in combined deposits from turning into a full-blown economic crisis.
2023-03-13T16:58:00Z By Kyle Brasseur
For eight months last year, Silicon Valley Bank went without an established chief risk officer. The ramifications of that decision are hard to ignore in the wake of the bank’s hasteful failure.
2023-03-01T17:26:00Z By Aaron Nicodemus
Poor risk management by Credit Suisse’s asset management company kept the bank mostly unaware of the risky nature of lending procedures used by Lex Greensill that would lead to the collapse of Greensill Capital, according to Switzerland’s Financial Market Supervisory Authority.
2025-03-27T13:11:00Z By Jeff Dale
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
2025-03-27T12:49:00Z By Aaron Nicodemus
Yet another government contractor has been slapped with a fine by the Department of Justice for applying lax cybersecurity defenses on sensitive government data.
2025-03-26T18:48:00Z By Oscar Gonzalez
The European Commission released its preliminary findings last week regarding Apple and Google not complying with the Digital Markets Act. It issued orders to both companies regarding their business practice and plans to release all of its findings next week.
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