Former CEO Greg Becker told a senate hearing that SVB was the victim of a social media-driven bank run
Customers pulled out more than US$100 billion in deposits after SVB and Signature Bank failed
SVB “remained well-rated, even as conditions deteriorated,” central bank report says
The California-based bank serves a similar clientele as did failed Silicon Valley Bank
Tougher regulations are a key focus
In less than 12 months, nearly all the biggest lenders have failed spectacularly
The department says City National avoided underwriting mortgages in majority Black and Latino neighborhoods
The criminal indictment is on top of civil charges from the SEC
Founder Sam Bankman-Fried has resigned as CEO, Binance backed out of acquisition deal
DoJ, SEC are examining the firm for criminal activity, securities violations