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US government steps in and says people with money deposited at SVB will be able to access their money
Banking regulators devised a plan Sunday to backstop depositors with money at Silicon Valley Bank , a critical step in stemming a feared panic over the collapsed tech-focused institution. Regulators said depositors at both SVB and Signature Bank in New York, which also has been closed, will have full access to their deposits. The Treasury Department said it approved of plans that would unwind both institutions “in a manner that fully protects all depositors.” Those with money at the bank will have full access starting Monday. The Federal Reserve also said it is creating a new Bank Term Funding Program aimed at ... (full story)
