Leadership, resource support key to compliance navigating bank turmoil
By Adrianne Appel2023-03-27T18:59:00
The compliance departments at First Citizens Bank & Trust and New York Community Bancorp have a monumental task ahead of them following their banks’ respective purchases of Silicon Valley Bank (SVB) and Signature Bank from receivership.
First Citizens on Monday announced its acquisition of $110 billion in assets from Silicon Valley Bridge Bank, while New York Community Bancorp subsidiary Flagstar Bank on March 20 announced its acquisition of approximately $38 billion in assets from Signature Bridge Bank. SVB and Signature Bank were each placed under the receivership of the Federal Deposit Insurance Corporation (FDIC) earlier this month followings runs on deposits.
“It certainly becomes a great test for any bank going through significant changes like that,” said Jeffrey Fox, a senior regulatory consultant with Wolters Kluwer US Advisory Services, regarding the acquisitions.