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During the week of March 10, 2023, the California Department of Financial Protection and Innovation and the New York State Department of Financial Services shut down Silicon Valley Bank (SVB) and Signature Bank (Signature), respectively, and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for each bank. In response, the U.S. Department of the Treasury, Board of Governors of the Federal Reserve System (FRB), and the Federal Deposit Insurance Corporation (FDIC, and collectively, the Agencies), announced that all depositors of both banks would have access to the full amount of their deposits – insured and uninsured – beginning Monday, March 13. The FDIC, as receiver for the banks, has established bridge institutions through which such deposits will be made available. The FRB also announced that it is establishing a new Bank Term Funding Program (BTFP) meant to provide liquidity to certain types of institutions.

These closures and announcements have had a broad impact on the financial markets, investors, companies, and employees, globally. Sidley lawyers across multiple practices are following developments on these issues closely and are actively advising clients on the potential effects on their businesses.

Sidley Austin LLP provides this information as a service for educational purposes only, and it is not intended to create, and receipt of it does not constitute, a lawyer-client relationship. Any information and guidance pertaining to this situation may be changing on a daily – if not hourly – basis and may become outdated very quickly. Accordingly, please contact your Sidley lawyer, or another lawyer licensed in your own state or country. Do not send us confidential information until you speak with one of our lawyers and receive our authorization to send that information to us. Providing information to the firm (via e-mail links on this website or otherwise) will not create an attorney-client relationship in the absence of an express agreement by the firm to create such a relationship, and will not prevent the firm from representing someone else in connection with the matter in question or a related matter.

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