The California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB), and the Federal Deposit Insurance Corporation (FDIC) was appointed as receiver, on Friday, March 10, 2023.

Shortly thereafter, U.S. Treasury Secretary Janet Yellen approved actions enabling the FDIC to complete its resolution of SVB in a manner that ensure that depositors of SVB have access to their insured and uninsured funds starting on Monday, March 13. Secretary Yellen took a similar action to ensure depositors of Signature Bank—which the New York Department of Financial Services took possession of, and appointed the FDIC as receiver of—would be made whole.

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