Jay Hack Discussed the Impact and Exposures Related to Recent Bank Closures
What must banks know about the financial issues of the day, most recently the failures of Silicon Valley Bank, Signature Bank, and related issues regarding FDIC insurance and the protections of deposits?
Jay Hack, a partner in Gallet Dreyer & Berkey’s Financial Institutions Group, the former chair of the New York State Bar Associations Business Law Section, and a current member of its Banking Law Section, has spent his entire career preparing for this exact moment.
What really happened that caused these banks to be shut down by their state regulators? Catch Jays review of the issues surrounding this rapidly evolving series of events, including:
1) Issues related to FDIC Insurance
2) FDIC Insurance at failed banks
3) The basic rule – separate ownership interests govern insurance limits
4) What’s insured?
5) Reciprocal swap arrangements
6) Bank runs
7) The Fiduciary Rule
8) What to know about holding “other people’s money”
9) Liability exposure