Following the collapse of the bank, Rep. Maxine Waters convened meetings with federal bank regulators.

On Friday, lawmakers met with the Federal Reserve and Federal Deposit Insurance Corp. to discuss Silicon Valley Bank’s collapse.

After the California Department of Financial Protection and Innovation took over the bank and turned it over to the FDIC, Rep. Maxine Waters (D-Calif.) held briefings with officials from the federal bank regulators, as well as the Treasury Department late in the day. According to a source familiar with the meeting, legislators from both major parties attended.

Waters was among the lawmakers who expressed concern after SVB collapsed earlier Friday.

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On Friday, U.S. lawmakers met with the Federal Reserve and Federal Deposit Insurance Corp. to discuss the collapse of Silicon Valley Bank (SVB).

Several hours after the California Department of Financial Protection and Innovation took over the bank and turned it over to the FDIC, Rep. Maxine Waters (D-Calif.) held briefings with officials from the two federal bank regulators and the Treasury Department late in the day. A source familiar with the issue told CoinDesk that lawmakers from both major political parties attended the meetings with regulators.

Several lawmakers, including Waters, expressed concern after SVB collapsed earlier Friday.

She expressed dismay on the bankruptcy of Silicon Valley Bank, which stands as the second largest financial institution to collapse in US history. She is closely following along with her Committee colleagues, working alongside regulators so they can get a better grasp of what led to the FDIC and California Department of Financial Protection and Innovation taking over SVB. She remains avid in the country’s economic sector and has faith in regulators when it comes to safeguarding customers and investors.

It is unclear whether depositors will receive any portion of their funds beyond the FDIC’s $250,000 limit per account.

Uninsured depositors will receive an advance dividend and a receivership certificate from the FDIC, according to its statement.

Checks or wires initiated right before the bank’s collapse may fail. (SVB was CoinDesk’s bank.)

Learn about the policy fallout from the 2022 market crash, CBDCs, and more.

On Friday, lawmakers met with the Federal Reserve and Federal Deposit Insurance Corp. to discuss Silicon Valley Bank’s collapse.

In late afternoon, after the California Department of Financial Protection and Innovation took over the bank and turned it over to the FDIC, Representative Maxine Waters (D-Calif.) held briefings with officials from the two federal banks regulators and the Treasury Department. CoinDesk was informed that legislators from both major parties attended the meetings with regulators.

Several lawmakers, including Waters, expressed concern after SVB collapsed earlier Friday.

She declared her alarm at the collapse of Silicon Valley Bank, the second major bank closure in United States history. As Chair, she is keeping close tabs on progress and consulting with Committee members to gain more insight about the shutdown of SVB by the DFPI and FDIC’s role as receiver. She expressed her gratitude to these authorities for swiftly dealing with the crisis, maintaining her trust in the US finance markets and regulatory agencies to take care of consumers and investors.

One key concern is whether depositors would receive any part of their funds over the FDIC’s $250,000 limit per account.

Uninsured depositors will receive an advance dividend and a receivership certificate, according to the FDIC.

Checks and wires initiated right before the bank’s collapse may fail, as well as payroll for companies that banked at SVB. (SVB was CoinDesk’s bank.)

After Silicon Valley Bank collapses, USDC Stablecoin and Crypto Market go haywire

Representative Eric Swalwell (D-Calif.) tweeted that he was discussing this issue with other lawmakers.

Banking is about confidence. If depositors lose confidence in the safety of their deposits over $250k, then we’re in trouble.” he said.

Representative Ro Khanna (D-Calif.), whose district includes SVB’s home town of Santa Clara, tweeted that he spoke to the White House and Treasury Department about the bank.

A statement from the Treasury Department said Janet Yellen also met with bank regulators from the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency.

“Secretary Yellen expressed full confidence in the banking regulators to take appropriate actions in response and noted that the banking system remains resilient and regulators have effective tools to deal with such events,” the statement said.