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.
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.
2025-10-08T18:28:00Z By Adrianne Appel
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
2025-10-06T17:12:00Z By Adrianne Appel
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
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