Silicon Valley Bank Depositors Will Have Access to ‘All’ Funds Monday, Say Federal Regulators

“After receiving a suggestion from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen accredited actions enabling the FDIC to finish its decision of Silicon Valley Financial institution, Santa Clara, California, in a way that totally protects all depositors,” Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg, mentioned in a joint press launch.