{"id":1875769,"date":"2023-03-13T15:58:06","date_gmt":"2023-03-13T19:58:06","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fdic-shuts-down-biggest-crypto-lender-in-wake-of-silicon-valley-bank-collapse\/"},"modified":"2023-03-13T16:05:34","modified_gmt":"2023-03-13T20:05:34","slug":"fdic-shuts-down-biggest-crypto-lender-in-wake-of-silicon-valley-bank-collapse","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fdic-shuts-down-biggest-crypto-lender-in-wake-of-silicon-valley-bank-collapse\/","title":{"rendered":"FDIC shuts down biggest crypto lender in wake of Silicon Valley Bank collapse"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffdic-shuts-down-biggest-crypto-lender-in-wake-of-silicon-valley-bank-collapse%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1875769&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p> <\/p>\n<div class=\"entry-content\">\n<figure class=\"wp-block-image size-large\"><figcaption class=\"wp-element-caption\">One man walks out of the Manhattan branch of Signature Bank that was closed by New York City bank regulators on Sunday, March 13, 2023. The state&#8217;s Department of Financial Services took the action to stop a banking crisis that was sparked by the collapse of Silicon Valley Bank. (Photo by Spencer Platt\/Getty Images).<\/figcaption><\/figure>\n<p>OAN Deven Berryhill<br \/>UPDATED 12:45 PM PT \u2013 Monday, March 13, 2023<\/p>\n<p>The FDIC shut down\u00a0Signature Bank on Sunday in efforts to prevent a growing banking crisis.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px;min-height: 50px;text-align: center\">  \t  \t\tgoogletag.cmd.push(function() { googletag.display(&#8216;div-gpt-ad-1663871513696-art-1&#8217;); });  \t  <\/div>\n<\/p>\n<p>To protect the Signature Bank, New York-based federal regulators closed down Signature Bank &#8220;taxpayers&#8221; and the\u00a0overall financial system.\u00a0These decisions come\u00a0following the collapse of California&#8217;s Silicon Valley Bank on Friday.\u00a0<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,&#8221; In a joint statement, the Treasury Department, Federal Reserve, and Federal Deposit Insurance Corporation. &#8220;All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.&#8221;\u00a0<\/p>\n<\/blockquote>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote data-service=\"twitter\" data-category=\"marketing\" data-placeholder-image=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/03\/localimages\/twitter-minimal.jpg640f804fd247e.jpg\" class=\"cmplz-placeholder-element twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">ICYMI\ud83d\udea8: Signature Bank has been closed by U.S. regulators.<\/p>\n<p>New York Department of Financial Services took ownership of Signature Bank to protect depositors <a href=\"https:\/\/t.co\/fDxMOlaOsk\">pic.twitter.com\/fDxMOlaOsk<\/a><\/p>\n<p>\u2014 Officer Lew (@officer_Lew) <a href=\"https:\/\/twitter.com\/officer_Lew\/status\/1635059148097478656?ref_src=twsrc%5Etfw\">March 12, 2023<\/a><\/p><\/blockquote><\/div>\n<\/figure>\n<p>Signature was the biggest bank to lend to crypto-based accounts. The bank was represented in California and Nevada as well North Carolina, North Carolina and New York.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote data-service=\"twitter\" data-category=\"marketing\" data-placeholder-image=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/03\/localimages\/twitter-minimal.jpg640f804fd247e.jpg\" class=\"cmplz-placeholder-element twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Signature Bank was closed for instability.<\/p>\n<p>FED indicated however that Silicon Valley Bank depositors and it would be protected.<\/p>\n<p>Next question: Are the executives responsible for this happening to be held accountable? <a href=\"https:\/\/twitter.com\/hashtag\/BankCrash?src=hash&#038;ref_src=twsrc%5Etfw\">#BankCrash<\/a> <a href=\"https:\/\/t.co\/5zZLopbRHo\">pic.twitter.com\/5zZLopbRHo<\/a><\/p>\n<p>\u2014 Johnny Akzam (@JohnnyAkzam) <a href=\"https:\/\/twitter.com\/JohnnyAkzam\/status\/1635049043083796482?ref_src=twsrc%5Etfw\">March 12, 2023<\/a><\/p><\/blockquote><\/div>\n<\/figure>\n<p>Signature was well-known for having several checking and business accounts. After the January 6<sup>Th<\/sup> Capitol protests. The bank severed all ties with Trump and demanded his resignation. Many Republican politicians including David Shafer, the chairman of the Georgia Republican Party, blamed President Joe Biden&#8217;s recent collapse of banks. &#8220;Go Woke, Go Broke&#8221; policies.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;Signature Bank famously closed President Trump&#8217;s bank accounts to signal its virtue,&#8221; Shafer sent the tweet. &#8220;It is about the regulation of small and medium sized banks. Silicon Valley Bank was the 16<sup>th<\/sup> largest bank in the country.&#8221;<\/p>\n<\/blockquote>\n<p>Signature and SVB banks were criticized by many in the banking industry for being too focused on their investments and not enough on their woke policies.\u00a0<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;SVB&#8217;s Sustainable Finance Commitment aims to support companies that are working to decarbonize the energy and infrastructure industries and hasten the transition to a sustainable, low-carbon, net zero emissions economy,&#8221; SVB 2022 ESG Report. &#8220;It also notes that the bank implemented \u2018a diverse candidate slate for US leadership roles&#8217; and introduced its first six Employee Resource Groups for Asian, Black, Hispanic, LGBTQ, veteran, military and female employees.&#8221;<\/p>\n<\/blockquote>\n<p>Sources say that Barney Frank, a former congressman from Massachusetts, has served as a director on Signature Bank&#8217;s board since 2015. Frank co-sponsored Dodd-Frank, which was designed to bring reforms to Wall Street.\u00a0<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote data-service=\"twitter\" data-category=\"marketing\" data-placeholder-image=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/03\/localimages\/twitter-minimal.jpg640f804fd247e.jpg\" class=\"cmplz-placeholder-element twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Signature Bank, which was recently closed, was the bank Barney Frank joined when he retired from Congress <a href=\"https:\/\/t.co\/25TNEFn3GK\">pic.twitter.com\/25TNEFn3GK<\/a><\/p>\n<p>\u2014 Lee Fang (@lhfang) <a href=\"https:\/\/twitter.com\/lhfang\/status\/1635045336669646849?ref_src=twsrc%5Etfw\">March 12, 2023<\/a><\/p><\/blockquote><\/div>\n<\/figure>\n<p>Federal regulators\u00a0have called the closure of Silicon Valley Bank on Friday the largest U.S. banking failure since the 2008 financial crisis \u2014 and the second-largest ever.<\/p>\n<p>Glenn Beck was informed Monday by Carol Roth (author and economist). &#8220;average person&#8221; You should put 5% to 10% of your investment in protection. &#8220;alternative, hard assets like gold or precious metals.&#8221;<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote data-service=\"twitter\" data-category=\"marketing\" data-placeholder-image=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/03\/localimages\/twitter-minimal.jpg640f804fd247e.jpg\" class=\"cmplz-placeholder-element twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Signature Bank is now closed. <a href=\"https:\/\/t.co\/EGYN49IdSY\">https:\/\/t.co\/EGYN49IdSY<\/a><\/p>\n<p>\u2014 Carol Roth (@caroljsroth) <a href=\"https:\/\/twitter.com\/caroljsroth\/status\/1635053279880302594?ref_src=twsrc%5Etfw\">March 12, 2023<\/a><\/p><\/blockquote><\/div>\n<\/figure><\/div>\n<p><\/p>\n<hr>\n<p>&#8220;From <a href=\"https:\/\/www.oann.com\/newsroom\/fdic-shuts-down-biggest-crypto-lender-in-wake-of-silicon-valley-bank-collapse\/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=fdic-shuts-down-biggest-crypto-lender-in-wake-of-silicon-valley-bank-collapse\">FDIC closes biggest crypto lender following the collapse of Silicon Valley Bank<\/a>&#8221;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A man walks out of a Manhattan branch of Signature Bank which was closed by bank regulators on Sunday on March 13, 2023 in New York City. The move by the state\u2019s Department of Financial Services seeks to prevent a banking crisis spurred by the failure of Silicon Valley Bank. (Photo by Spencer Platt\/Getty Images)<\/p>\n","protected":false},"author":1,"featured_media":1889975,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[8710,5373,7385,6987,21325,15945,7864,8107,8109,7803],"class_list":["post-1875769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-biggest","tag-bank","tag-collapse","tag-crypto","tag-fdic","tag-lender","tag-shuts","tag-silicon","tag-valley","tag-wake"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1875769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1875769"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1875769\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889975"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1875769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1875769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1875769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}