FDIC vice chair: Access to data, employees slowed sale of SVB
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.
Related articles
-
PremiumFour takeaways from Senate hearings on SVB, Signature Bank failures
Leaders at Silicon Valley Bank, Signature Bank, and the regulators who seized their banks testified before Congress across separate hearings.
-
News BriefFDIC proposes large banks cover $15.8B in losses from SVB, Signature Bank failures
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.
-
News BriefFirst Republic Bank closed, sold to JPMorgan Chase by FDIC
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.
More from Regulatory Policy
-
News BriefFDIC eases leverage rules for banks, citing lower risk burdens
The U.S. Federal Deposit Insurance Corporation issued a final rule to change the leverage capital requirements for both large and community banks. The agency said the modification will ”reduce disincentives a banking organization may have to engage in lower-risk activities.”
-
ArticleU.K. Cyber Security and Resilience bill set to regulate critical infrastructure suppliers
Suppliers to the U.K. critical infrastructure will face new regulations to ensure they are protected from cyberattacks. The Cyber Security and Resilience Bill, introduced on November 12, also raises penalties for breaches and expands regulator powers to label certain suppliers as critical.
-
ArticleFCC rolls back Biden-era cybersecurity requirements for telecoms
Telecommunication companies are now on the honor system to protect their networks from cyber attacks, following a Federal Communications Commission (FCC) vote that removed requirements that they harden their networks.