FAQs Regarding the Failures of Silicon Valley Bank and Signature Bank

On Sunday, March 12th, the Treasury Department, the FDIC, and the Board of Governors of the Federal Reserve System (Fed) (the Agencies) announced that the New York Department of Financial Services had appointed the FDIC as receiver for Signature Bank, which was closed on March 11th.  Subsequently, the FDIC announced that it had transferred substantially all of the assets and all of the deposits of Signature Bank to the newly created Signature Bridge Bank, N.A.  Early on March 13th, the FDIC announced a similar transfer of assets and deposits to Silicon Valley Bank, N.A., another n

Filed under:
USA, Banking, Insolvency & Restructuring, Dechert LLP, Insolvency, Federal Deposit Insurance Corporation (USA), US Department of the Treasury, HSBC, Silicon Valley Bank
Authors:
Corey F. Rose , Robert J. Rhatigan , Shmuel Vasser , En-Min Chua , Nicolle L. Jacoby , Brenda R. Sharton
Location:
USA
Firm:
Dechert LLP
Certain Companies that May be Subject to FDIC Orderly Liquidation Authority under Dodd-Frank are Now Subject to Qualified Financial Contract Recordkeeping Requirements

Companies that the Financial Stability Oversight Council (FSOC) believes may be subject to FDIC receivership under the Orderly Liquidation Authority contained in Title II of the Dodd-Frank Act, and certain of their affiliates, are now subject to recordkeeping requirements related to their “qualified financial contracts”1 (QFCs).

Filed under:
USA, Banking, Capital Markets, Insolvency & Restructuring, Dechert LLP, Depository institution, Federal Deposit Insurance Corporation (USA), Financial Stability Oversight Council, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
Authors:
Thomas P. Vartanian , Stephen H. Bier , Philip T. Hinkle , Robert J. Rhatigan , Robert H. Ledig , K. Susan Grafton , Matthew K. Kerfoot , Christopher J. Geissler
Location:
USA
Firm:
Dechert LLP
FAQs Regarding the Failures of Silicon Valley Bank and Signature Bank

On Sunday, March 12th, the Treasury Department, the FDIC, and the Board of Governors of the Federal Reserve System (Fed) (the Agencies) announced that the New York Department of Financial Services had appointed the FDIC as receiver for Signature Bank, which was closed on March 11th.  Subsequently, the FDIC announced that it had transferred substantially all of the assets and all of the deposits of Signature Bank to the newly created Signature Bridge Bank, N.A.  Early on March 13th, the FDIC announced a similar transfer of assets and deposits to Silicon Valley Bank, N.A., another n

Filed under:
USA, Banking, Insolvency & Restructuring, Dechert LLP, Insolvency, Federal Deposit Insurance Corporation (USA), US Department of the Treasury, HSBC, Silicon Valley Bank
Authors:
Robert J. Rhatigan , Shmuel Vasser , En-Min Chua
Location:
USA
Firm:
Dechert LLP