When it comes to banking, compliance is king. That makes proper accounting and internal controls queen, at the very least. This, as the collapse of Silicon Valley Bank (SVB) last week and Signature Bank over the weekend, comes just a handful of days after big-four accountant KPMG LLP reportedly gave both...
A lot of money is moving this week, but not in a good way. In the five days since last Wednesday (March 8), three US banks have failed partly because of customer runs on their deposit bases — two crypto-servicing institutions, Signature Bank and Silvergate Bank, and one historical...
First Republic Bank is reportedly seeing “business as usual” after bank failures of recent days. CNBC reported Monday (March 13) that First Republic Bank Executive Chairman Jim Herbert told the network’s Jim Cramer that the bank was meeting withdrawal demands with the help of additional funding, was not...
Crypto’s founding premise was to de-bank the world and remove third-party risk. Now, the digital asset industry is finding itself the one unbanked, as financial institutions that once catered to crypto players increasingly shutting down one by one. This, as just days after the far-reaching...
President Joe Biden has called for an investigation into the collapse of Silicon Valley and Signature banks. “There are important questions of how these banks got into the circumstances in the first place,” the president said during a brief speech Monday (March 13). “We must get the full accounting of...
The closure of Silicon Valley Bank has impacted startups and venture capital firms. Hundreds of such firms did their banking and kept billions of dollars with the bank, which went under the receivership of the Federal Deposit Insurance Corporation (FDIC) Friday (March 10), The Information reported Friday. That has...
Silicon Valley Bank has collapsed. The regulators have circled the wagons. The damage is contained. Maybe. Maybe just for a day, because who knows what comes next? As Friday’s stock market roller-coaster ride ended, no one could answer that question. The FDIC has done what it...
Silicon Valley Bank has been taken over and closed by a state financial regulator. The California Department of Financial Protection and Innovation (DFPI) took possession of the bank and appointed the Federal Deposit Insurance Corporation (FDIC) as its receiver Friday (March 10), the DFPI said in a Friday press release....
Small banks. Big Impact. The demise this past week of crypto-bank Silvergate and the lingering issues at SVB Financial (Silicon Valley Bank) will likely have far-reaching reverberations for lending — specifically to the tech sector. The specter of bank runs looms and may force smaller,...
