Deposit Account Litigation: Highlights From 2024 and What to Expect in 2025 — The Consumer Finance Podcast
Consumer Finance Monitor Podcast Episode: How a Former FDIC Chairman is Reacting to the Silicon Bank Valley Failure, A Discussion with Special Guest Bill Isaac, Chairman, Secura/Isaac Group, and FDIC
Making Cents of Your Cash Management Agreements
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Mary Zinsner and Heryka Knoespel, partners in Troutman Pepper Locke’s Consumer Financial Services Practice Group, to discuss the latest in deposit...more
On March 12, the Governor of Indiana signed HB 1284 which codified a new chapter regarding a contract for a deposit account between a depository institution and a consumer may be changed occasionally, subject to the terms of...more
This past week, Indiana Governor Eric Holcomb signed H.B. 1284 and S.B. 188 into law, each of which will become effective on July 1, 2024. H.B. 1284 was authored in response to the recent Indiana Supreme Court holding in...more
Deposit Insurance - Are the deposits at my bank FDIC-insured? Deposits held at FDIC-insured depository institutions are insured up to $250,000 per depositor for deposits held in the same “right and capacity.”...more
The Federal Deposit Insurance Corporation (FDIC) continued the focus shown over the last several months, and especially since the March 2023 failure of Silicon Valley Bank (SVB) and associated events, by the federal banking...more
In the wake of the Silicon Valley Bank and Signature Bank defaults, it is important for bank customers to understand the common cash management options and accounts available in financial institutions as well as their...more
The Federal Deposit Insurance Corporation (“FDIC”) guarantees bank deposits of up to $250,000. Following the failure of two banks in recent weeks, regulators created some confusion among the industry and the public when they...more
The FDIC has announced the proof of claim deadlines for proofs of claim to be filed with the FDIC as receiver of the failed banks, Silicon Valley Bank (“SVB”) and Signature Bank. The deadline to file a proof of claim against...more
With the recent failures of Silicon Valley Bank on March 10, 2023, and Signature Bank on March 12, 2023, clients are asking whether their bank deposits are protected by Federal Deposit Insurance Corporation (FDIC) insurance....more
As we have previously discussed, after the failure of Silicon Valley Bank (“SVB”), the FDIC is operating the Silicon Valley Bridge Bank, N.A. (“Bridge Bank”) in many ways as if it’s business as usual to help preserve as much...more
As many parties expected, on March 17, 2023 SVB Financial Group (“SVB Financial” or the “Debtor”) the holding company for Silicon Valley Bank, commenced a case under chapter 11 of the United States Bankruptcy Code (the...more
Regulatory Developments - The U.S. Government Takes Action on the Silicon Valley Bank and Signature Bank Failures - On March 12, the FDIC, the Federal Reserve, and the U.S. Treasury Department announced that the U.S....more
Many lessons will be learned from the failure of Silicon Valley Bank last weekend. The full story is unlikely to emerge for some time, but commentators have quickly reached a consensus on the likely causes. The central...more
In the three days since federal authorities announced sweeping measures to protect depositors of Silicon Valley Bank (SVB) and Signature Bank and help prevent additional bank failures (as discussed in our update of March 12,...more
Start-up, emerging, middle market and other companies and their founders, executives, and investors, are facing heightened demands in the wake of recent developments involving Silicon Valley Bank (SVB) and Signature Bank. You...more
The fast and furious developments related to Silicon Valley Bank (“SVB”), Signature Bank, and others had depositors, employees, landlords, lawyers, accountants, and fiduciaries from nearly every sector scrambling for...more
Since Friday, March 10, 2023, more than 300 public companies have filed current reports on Form 8-K regarding the closure of Silicon Valley Bank ("SVB"). Company disclosure in these 8-Ks falls essentially into four...more
On Sunday evening, March 12, 2023, two extraordinary joint press releases were simultaneously issued by the U.S. Department of Treasury, the Federal Reserve Bank, and the Federal Deposit Insurance Corporation (FDIC). The...more
On Friday, March 10, 2023, the California Department of Financial Protection & Innovation, aided by the Federal Deposit Insurance Corporation (“FDIC”) shuttered Silicon Valley Bank (“SVB”) over concerns surrounding its...more
We have been fielding questions since Friday from counterparties to SVB and Signature asking whether they should continue to perform under their fund finance deal documents. Syndicate banks where SVB or Signature Bank are the...more
Many of the transactions involving qualified financial contracts (“QFC”) with Silicon Valley Bank (“SVB”) and Signature Bank constitute Commodity Futures Trading Commission (“CFTC”) jurisdictional transactions that may be...more
On Friday, March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank ("SVB") and the Federal Deposit Insurance Corporation ("FDIC") was appointed SVB's receiver....more
US governmental authorities, including the US Department of the Treasury, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation, took actions to provide both insured and uninsured...more
What actions did the US government take on Sunday with respect to Silicon Valley Bank (SVB) and Signature Bank? On Sunday, March 12, the FDIC, the Federal Reserve, and the US Treasury Department announced that the US...more
Considerations relating to Silicon Valley Bank (SVB)’s closure have continued to evolve as a result of the recent announcement by the Federal Deposit Insurance Corporation (FDIC) that it has transferred all deposits—both...more