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.
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.
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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.
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The U.S. Federal Trade Commission said it has settled with telemedicine service Southern Health Solutions, Inc. over allegations the company used deceptive pricing and weight-loss claims, along with fake reviews and testimonials, to sell its weight-loss programs.
2025-07-14T15:36:00Z By Ruth Prickett
Serious bullying and harassment count as misconduct in regulated financial services firms, per a July 1 clarification by the U.K. Financial Conduct Authority, which said non-financial misconduct rules now applied only to banks will extend to 37,000 more firms starting September 1, 2026.
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The U.S. Department of Justice arppoved T-Mobile’s acquisition of competitor UScellular. The move came a day after T-Mobile announced it had dropped its diversity, equity, and inclusion programs, a frequent target for Trump’s administration.
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