Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 22 MARCH 2023

FDIC Creates Silicon Valley Bridge Bank, N.A. And Issues Updated FAQs

Foley Hoag LLP
Explore more from Foley Hoag LLP

On Monday March 13, 2023, the FDIC announced the creation of Silicon Valley Bridge Bank, N.A., a full-service FDIC-operated ‘bridge bank.'

United StatesFinance and Banking
Jennifer Audeh
Jennifer Audeh
Anne Seymour
Anne Seymour
Author LinkedIn connections

On Monday March 13, 2023, the FDIC announced the creation of Silicon Valley Bridge Bank, N.A., a full-service FDIC-operated 'bridge bank.' All deposits, both insured and uninsured, were transferred to the bridge bank in a move that allowed depositors to have full access to their funds. The press release announcing the creation of the bridge bank notes that all banking services have resumed, including online banking and access to funds by ATM, debit cards, and writing checks.

The FDIC has also posted updated FAQs on its website confirming that direct deposits and autopay will continue to operate and that checks will continue to clear. Customers with lines of credit are instructed to contact Silicon Valley Bridge Bank regarding the status of those credit arrangements. Customers with a loan in process are instructed to contact their current loan officer. The guidance notes that loan payments should continue to be made as scheduled.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

SEC Advances “Responsible Retailization” Through A Potential Accredited Investor Exam And Potential Regulated Fund Reforms

On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).
United StatesFinance and Banking
Proskauer Rose LLP
Proskauer Rose LLP
Article

SEC Proposes Rule Amendments To Expand Retail Access To Private Markets

The SEC has proposed sweeping amendments to expand retail investor access to private market strategies, including changes to performance-based compensation rules for registered investment advisers and modernization of the interval fund framework. The proposals also explore new credential-based pathways for individuals to qualify as accredited investors, potentially opening private offerings to a broader pool of eligible participants.
United StatesFinance and Banking
Duane Morris LLP
Duane Morris LLP
Article

SEC Approves FINRA’s New “Outside Activities” Rule

The Securities and Exchange Commission has approved FINRA Rule 3290, which will replace existing rules governing outside business activities and private securities transactions for registered persons. This new rule narrows the scope to focus on investment-related activities while maintaining similar supervisory obligations for member firms. Understanding the key changes and implementation requirements will be critical for broker-dealers as they update their compliance policies and procedures.
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

New NYSE Delisting Rules: What Microcap Companies Need To Know About The $0.25 Minimum Trading Price

The SEC has approved new NYSE and NYSE American listing rules establishing a $0.25 minimum trading price, effective July 1, 2027. A single closing price below this threshold triggers immediate trading suspension and delisting proceedings with no cure period. Companies trading at low share prices must act now during the transition period to implement reverse stock splits and establish monitoring procedures before this hard floor takes effect.
United StatesFinance and Banking
Bevilacqua
Bevilacqua
Article

The Financing Problem Behind the AI Infrastructure Boom: What Lenders and Sponsors Need to Watch

As AI infrastructure spending surges toward $697 billion in 2026, hyperscalers and compute providers are increasingly turning to debt, structured financing, and GPU-backed collateral to fund expansion. While demand projections remain bullish, a critical timing gap is emerging between capital deployment and cash flow generation, creating significant risks for lenders, sponsors, and operators across the ecosystem.
United StatesFinance and Banking
Riveron
Riveron
Article

California Requires Disclosure Of AI-Generated People In Advertising

California has enacted a groundbreaking AI disclosure law requiring advertisers to clearly identify when synthetic performers appear in their marketing materials. The legislation, set to take effect in 2027, includes a private right of enforcement that could potentially open the door to class action litigation against brands using AI-generated performers without proper disclosure.
United StatesMedia, Telecoms, IT, Entertainment
Foley Hoag LLP
Foley Hoag LLP
Article

Virginia’s Initial Draft Of Adult-use Marijuana Regulations – What You Should Know And What Questions Remain

Virginia's Cannabis Control Authority has released its initial draft of adult-use marijuana regulations, outlining application fees, license caps, and the approval process for the state's anticipated July 2027 launch of recreational cannabis sales. While the draft provides crucial details on licensing requirements and ownership restrictions, significant questions remain about the application timeline and evaluation criteria that will determine which entities receive coveted permits.
United StatesConsumer Protection
Foley Hoag LLP
Foley Hoag LLP
Article

Rising Cyberattacks On U.S. Water Infrastructure: Federal Guidance And Next Steps For Operators

Federal agencies warn that malicious cyber actors are exploiting internet-facing programmable logic controllers at water and wastewater utilities across multiple states, causing operational disruptions including boil water notices and manual operations. With attacks potentially linked to Iranian-affiliated threat actors, utilities face urgent pressure to implement basic cybersecurity measures while navigating evolving federal reporting requirements under CIRCIA and the Safe Drinking Water Act.
United StatesTechnology
Foley Hoag LLP
Foley Hoag LLP
Article

FDA Holds Landmark Public Hearing On The Future Therapeutic Use Of Psychedelic Drugs

The FDA, in collaboration with federal partners, held a landmark public hearing on September 14, 2026, to gather input on the future therapeutic use of psychedelic drugs, drawing over 18,000 registered attendees. This hearing represents one of the earliest implementations of Executive Order 14401, which directs federal agencies to expedite research, review, and approval of psychedelic drugs for serious mental health conditions.
United StatesFood, Drugs, Healthcare, Life Sciences
Foley Hoag LLP
Foley Hoag LLP
Article

Federal Court Declares New Jersey's Cannabis Labor Peace Agreement Mandate Preempted By Federal Law: What Every Licensed Operator Needs To Know

A federal court in New Jersey has declared that state-mandated labor peace agreements for cannabis licensees are preempted by federal labor law, creating immediate questions for operators across the state. With the decision now under appeal to the Third Circuit and similar challenges advancing nationwide, licensed cannabis businesses must carefully evaluate their existing agreements and compliance obligations.
United StatesEmployment and HR
Foley Hoag LLP
Foley Hoag LLP
Article

IRC Section 280E And Cannabis Tax Planning: Recent Developments And Practical Considerations

The landscape surrounding Section 280E of the Internal Revenue Code continues to evolve with President Trump's Executive Order on medical marijuana rescheduling, advancing litigation in New Mexico Top Organics v. Commissioner, and shifting regulatory signals. Cannabis taxpayers face critical decisions about taking "non-280E" positions on their tax returns while the IRS maintains its enforcement stance and the U.S. Tax Court case addressing common arguments remains pending.
United StatesCannabis & Hemp
Foley Hoag LLP
Foley Hoag LLP
Article

OCC Proposes BSA/AML And Sanctions Compliance Standards For Permitted Payment Stablecoin Issuers Under The GENIUS Act

The Office of the Comptroller of the Currency has proposed new regulations that would impose Bank Secrecy Act and sanctions compliance requirements on permitted payment stablecoin issuers under its jurisdiction. This rulemaking, coordinated with FinCEN and OFAC, establishes anti-money laundering, counter-terrorism financing, and sanctions program standards for stablecoin issuers as part of the broader implementation of the GENIUS Act framework.
United StatesFinance and Banking
Foley Hoag LLP
Foley Hoag LLP
Article

CMS Expands The ACCESS Model: New Tracks For Heart Failure, COPD, Substance Use Disorders, Tobacco Cessation, And Extended MSK Support

CMS is expanding its ACCESS Model in spring 2027 to include five new tracks covering heart failure, COPD, substance use disorders, tobacco cessation, and extended musculoskeletal support. The expansion emphasizes symptom management, quality of life, and technology-enabled care for individuals with serious or chronic conditions, creating meaningful new pathways for palliative-style care within Medicare reimbursement. With 160 participating organizations and major health payers pledging to adopt outcomes-base
United StatesFood, Drugs, Healthcare, Life Sciences
Foley Hoag LLP
Foley Hoag LLP