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The Latest Breaking News from FDIC

Silicon Valley Bank swiftly collapses after tech startups flee

Silicon Valley Bank became the biggest U.S. lender to fail in more than a decade after a tumultuous week that saw an unsuccessful attempt to raise capital and a cash exodus from the tech startups that had fueled the lender’s rise.

Tribune News Service

Silicon Valley Bank collapses in second-biggest US bank failure ever

Largest bank collapse in 15 years, since global financial crisis

The Independent UK

SVB cash crunch highlights $620 billion hole in banks’ balance sheets

The spike in interest rates has been devastating for the value of their securities portfolios, meaning many carry around billions in unrealized losses that could pose a problem if funding dries up.

Fortune

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Silicon Valley Bank seized by FDIC as depositors pull cash

The Federal Deposit Insurance Corporation is seizing the assets of Silicon Valley Bank, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis

The Independent UK

Silicon Valley Bank collapses and enters receivership after tech firms pull funds

Silicon Valley Bank has been closed by California regulators after tech firms scrambled to withdraw funds from the business.

Evening Standard

U.S. government takes control of Silicon Valley Bank

This is the largest bank failure since Washington Mutual in 2008.

Axios

Top crypto bank collapses as Silvergate announces plans to wind down operations

The volatile sector's banking options are dwindling.

Fortune

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Crypto’s favorite bank is on the brink. What happens if Silvergate fails?

Silvergate's collapse is a cautionary tale to the industry—and to regulators.

Fortune

7 key items you need to open a savings account

Most banks and credit unions will require your ID, proof of address, and date of birth.

Fortune

Want to invest in mutual funds? Here are the different types to know about

Mutual funds allow investors to lower their risk by investing in a basket of assets but not every mutual fund is the same. Here are the different types of mutual funds and how they work.

Fortune

Interest rate isn’t everything: How to compare money market vs. savings accounts

APY is important, but you should also consider how easily you can access your funds when comparing the two account types.

Fortune

Should you bank with Chime? Our 2023 review

The fintech company has checking and savings accounts but no money market or CDs.

Fortune

A guide to banking with PurePoint Financial

Penalty-free CDs but limited account options and steep deposit requirements.

Fortune

In a banking industry first, neobank Cogni adds noncustodial Web3 wallet

Digital bank Cogni appears to be the first FDIC-insured bank to offer a noncustodial wallet to customers.

Fortune

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Roll Call

Senate confirms Gruenberg as FDIC chair, two others to join board

In two votes Monday, the Senate confirmed three members of the FDIC board and one of them, Martin Gruenberg, to become chairman.

Fortune

2022 Green Dot Bank Review: Pros and cons and product offerings

Green Dot review: The bank offers 2% APY on high-yield savings but no checking, money market, and certificate of deposit accounts.

Fortune

Varo Bank Review 2022: For the customer who prefers mobile banking and a 5.00% APY over the brick-and-mortar experience

Varo Bank offers only a few products, but for no-frills customers, this online-bank could be the right fit.

Fortune

The best high-yield savings accounts to build your wealth

The Fortune Recommends top 10 picks for the best high-yield savings accounts offers customers the chance to earn over 4% APY.

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Fortune

How to bank with Brio Direct

The APYs on Brio’s savings is 3.75% while its CDs go as high as 4%.

Fortune

Bread Savings: Competitive high-yield savings, but no checking accounts

Bread Savings offers a 3.5% APY on savings and up to 4.75% on CDs.

Tribune News Service

As FTX burned, lawmakers said to be dithering over regulator

WASHINGTON — Congress opted to tread water on legislation that would clarify the agency in charge of the cryptocurrency industry, leaving lawmakers now without a regulator to blame for missing the signs of the FTX collapse this month and facing deep skepticism about some proposals.

Roll Call

As FTX burned, lawmakers said to be dithering over regulator - Roll Call

FTX founder Sam Bankman-Fried’s prominence on Capitol Hill is said to have tainted bills deemed too favorable to the cryptocurrency industry.

The Guardian - UK

TechScape: How do you slice a billion-dollar crypto bankruptcy pie?

The 50 biggest claims against FTX total $3.1bn. Now a US court has to determine who gets what – if anything. Plus, what will be more valuable by the end of the year: Musk’s stake in Twitter, or a lettuce?

Fortune

The top 10 money market accounts for December 2022

Here are the money market accounts that made our top 10 based on their APY, minimum opening deposit, maintenance fees, and customer service options.

Fortune

What happens to my funds if a crypto exchange collapses?

If your crypto exchange goes under, you could have a difficult time recovering your money.

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