LEGAL

SVB Financial Group seeks cooperation with FDIC after $2 bln frozen

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SVB Financial Group seeks cooperation with FDIC after $2 bln frozen

March 21 (Reuters) – An attorney for SVB Financial Group (SIVB.O) told a judge on Tuesday it was seeking cooperation from regulators who seized its Silicon Valley Bank unit and removed $2 billion of its cash, which was needed to sustain operations. SVB Financial, which filed for bankruptcy on Friday, had said in court papers … Read more

US banking system sound but not all deposits guaranteed, Yellen says

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US banking system sound but not all deposits guaranteed, Yellen says

WASHINGTON, March 16 (Reuters) – The U.S. banking system remains sound and Americans can feel confident that their deposits are safe, Treasury Secretary Janet Yellen said on Thursday, but she denied that emergency actions after two large bank failures mean that a blanket government guarantee now existed for all deposits. In her first public remarks … Read more