The January 1, 2025, deadline imposed by the Corporate Transparency Act (CTA) for all “reporting companies” formed prior to 2024 to file their initial beneficial ownership reports with FinCEN is rapidly approaching. Given the...more
12/3/2024
/ Beneficial Owner ,
Compliance ,
Corporate Transparency Act ,
Deadlines ,
Documentation ,
Due Diligence ,
Financial Institutions ,
FinCEN ,
Know Your Customers ,
Penalties ,
Policies and Procedures ,
Reporting Requirements
The Federal Deposit Insurance Corporation (“FDIC”) is the federal agency charged with providing deposit insurance for insured financial institutions in the United States. Specifically, FDIC insurance covers certain deposit...more
No business is immune from the possibility that things can go wrong—horribly wrong. On Friday, March 10, 2023, Silicon Valley Bank (SVB), the go-to bank for US tech startups, was shut down and taken over by federal regulators...more
3/13/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Receivership ,
Silicon Valley ,
U.S. Treasury
Are SVB and Signature in bankruptcy?
No. Banks and other federally insured financial institutions (such as savings banks, savings associations, and credit unions) are not permitted to be debtors in a bankruptcy case....more
3/13/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Receivership ,
Silicon Valley ,
U.S. Treasury