As Wall Street wakes up Monday and prepares for a busy week of economic news, the collapse of Silicon Valley Bank still weighs on investors' minds.
There were a few more developments over the weekend into Monday morning.
DON'T MISS: Fed Rate Bets Crumble Amid SVB Fallout, 2-Year Note Yields Plunge, As Bank Sector Trembles
The FDIC, Treasury, and the Federal Reserve announced that they'll be taking steps to make sure that deposits are paid in full, meaning that all depositors will be protected.
"After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary [Janet] Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors," the agencies said in a joint statement.
"Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer."
President Joe Biden spoke early Monday assuring Americans that "the banking system is safe."
However, Silicon Valley Bank has not been the only bank to fail. On Sunday, regulators announced that they had shut down Signature Bank, a New York-based bank that was focused on lending within the cryptocurrency industry.
“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,” the Federal Reserve, Treasury and FDIC said in the joint statement.
As with SVB, Signature depositors "will be made whole."
Signature's collapse, though following on the heels of SVB, also comes after Silvergate--another crypto bank--announced its liquidation last week.
