Discussions held to protect deposits if more banks fail: report
Silicon Valley Bank's collapse is the largest bank failure since the 2008 financial crisis
Meb Faber says he does not expect ‘contagion’ after SVB collapse
Cambria Investment Management CIO and co-founder Meb Faber reacts to the Silicon Valley Bank collapse and casts his market predictions on ‘Barron’s Roundtable.’
Talks are being held should the collapse of Silicon Valley Bank spread further into financial markets and threaten more banks.
The Federal Deposit Insurance Corp. and the Federal Reserve have discussed ways to protect depositors by creating a special vehicle, according to Bloomberg.
Specifically, they are weighing creating a fund that would allow regulators to backstop more deposits at banks that run into trouble.
Regulators held discussions with banking executives in hopes of reassuring customers and preventing a potential panic, according to people familiar with the matter.
BILLIONAIRE ON SVB COLLAPSE: GOVERNMENT HAS 48 HOURS TO FIX 'IRREVERSIBLE MISTAKE'
Silicon Valley Bank headquarters in Santa Clara, California, US, on Friday, March 10, 2023. Silicon Valley Bank became the biggest US bank failure in more than a decade, after its long-established customer base of tech startups grew worried and yanke (Photographer: Philip Pacheco/Bloomberg via Getty Images / Getty Images)
The FDIC on Saturday spoke with officials from multiple small and mid-sized lenders about their financial situations.
FOX Business has reached out to the Federal Reserve and the FDIC for comment.
A customer stands outside a shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023, in Santa Clara, California. (Justin Sullivan/Getty Images / Getty Images)
HOW SILICON VALLEY BANK GOT BURNED
A number of other regional lenders also saw their stock plunge on SVB’s collapse.
The Treasury Department plans to brief California's congressional delegation on the Silicon Valley Bank collapse on Sunday.
After 40 years, Silicon Valley Bank, the nation’s 17th largest, was shut down by the FDIC Friday as regulators moved to protect customers as it faced a liquidity crunch after losing $2 billion.
A worker tells people that the Silicon Valley Bank (SVB) headquarters is closed on March 10, 2023, in Santa Clara, California. ((Photo by Justin Sullivan/Getty Images) / Getty Images)
SILICON VALLEY BANK COLLAPSE HITS COMPANIES SUCH AS CAMP, COMPASS COFFEE
That was followed by a failed attempt to raise as much in a stock offering.