Silicon Valley Bank customers will have access to their deposits, US officials say, as the federal government announces actions to shore up deposits and stem any broader financial fallout from the collapse of the tech startup-focused lender.
The boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, in consultation with President Joe Biden, approved the FDIC’s resolution of SVB, according to a joint statement from US Treasury Secretary Janet Yellen, Fed Chair Jerome Powell and FDIC Chairman Martin Gruenberg on Sunday evening.
