- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-04-13T13:48:00
The collapse of Silicon Valley Bank (SVB) highlighted for the Federal Deposit Insurance Corporation (FDIC) some of the impediments to a quick bank sale, including failing to provide rapid access to quality financial data and lists of key employees.
Travis Hill, vice chairman of the FDIC, said in a speech Wednesday the sale of SVB in particular was hindered by its inability to populate a data room.
It took 16 days from the time SVB failed on March 10 until First Citizens Bank of North Carolina agreed to buy all the deposits and loans of Silicon Valley Bridge Bank.
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Leaders at Silicon Valley Bank, Signature Bank, and the regulators who seized their banks testified before Congress across separate hearings.
The Federal Deposit Insurance Corporation issued a notice of proposed rulemaking regarding a special assessment on large banks to recover approximately $15.8 billion in losses attributable to the failures of Silicon Valley Bank and Signature Bank.
San Francisco-based First Republic Bank was closed by state and federal banking regulators over the weekend, then sold to JPMorgan Chase Bank. The failure is the second largest in U.S. banking history.
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
