Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 21 MARCH 2023

Federal Reserve Invokes Systemic Risk Exception To Make SVB Depositors Whole

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Contributor
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz is a litigation powerhouse and business accelerator serving leaders in life sciences, private...

View firm profile
Explore more from Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Following the Mintz alert concerning the failure and receivership of Silicon Valley Bank (SVB) published earlier in the day on March 12, 2023, the FDIC, together with the Federal Reserve...

United StatesFinance and Banking
Mintz ..
Mintz ..
Author LinkedIn connections

Following the Mintz alert concerning the failure and receivership of Silicon Valley Bank (SVB) published earlier in the day on March 12, 2023, the FDIC, together with the Federal Reserve and the Department of the Treasury, subsequently issued a joint press release announcing that the Federal Reserve has invoked the systemic risk exception, thereby protecting all depositors. According to the press release: “Depositors will have access to all of their money starting Monday, March 13.”

The systemic risk exception does not protect unsecured creditors of Silicon Valley Bank or the bank's shareholders.

The press release also notes that depositors of Signature Bank, which was closed by New York state regulators on March 12, will be similarly protected.

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

OCC Issues Examiner Framework For Banks’ Use Of Artificial Intelligence

The Office of the Comptroller of the Currency has released a new framework for evaluating banks' deployment of artificial intelligence and agentic AI systems in their business operations. This guidance establishes how examiners will assess AI through existing risk management disciplines rather than creating separate regulatory requirements, with review intensity scaled to each use case's potential consequences and level of human oversight.
United StatesFinance and Banking
Sheppard
Sheppard
Article

USCIS Final Rule Ends 540-Day Automatic EAD Extension For Key Categories

US Citizenship and Immigration Services (USCIS) published a final rule on October 14, 2026 that permanently ends the automatic extension of up to 540 days for many Employment Authorization Document (EAD) renewals filed on or after October 30, 2025. Affected workers, including adjustment of status applicants and H-4 spouses, may need to stop working if their current EAD expires before USCIS approves the renewal.
United StatesImmigration
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Article

Massachusetts’ 2026 Ballot Questions: What Clients Need To Know

Massachusetts voters will decide nine statewide ballot questions in November 2026 that could fundamentally reshape the state's legal, regulatory, and fiscal landscape. These measures address government transparency, election reforms, housing development, marijuana regulation, firearms laws, and state revenue limits, with implications extending far beyond Election Day to implementation, regulation, and ongoing policy debates.
United StatesGovernment, Public Sector
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Article

Pharmaceutical Policy In Motion Continued: The Trump Administration’s Second Wave Of Drug Pricing Deals

The Trump administration's most-favored-nation pricing initiative has expanded to include nine additional mid-sized pharmaceutical manufacturers, bringing the total coverage to 89% of the brand drug market. These new agreements focus on Medicaid pricing discounts aligned with international rates, while manufacturers commit billions to U.S. manufacturing and research in exchange for exemptions from future pricing mandates and potential tariffs.
United StatesFood, Drugs, Healthcare, Life Sciences
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Article

California’s AI-in-the-Workplace Legislative Blitz: California Legislature Passes Four New Bills That May Affect Employers

The California Legislature’s 2025–2026 session ended with workplace-related artificial intelligence or automated technology in its crosshairs. If Governor Newsom signs this suite of bills, California employers may face a number of new obligations relating to AI-driven surveillance tools, automated decision systems, and other emerging workplace technologies.
United StatesTechnology
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Article

Washington Update: Sustainable Energy & Infrastructure — November 2026

October 2026 brought pivotal shifts in federal energy policy as stakeholders mobilized around the Senate's Bipartisan American Affordability and Jobs Act while the Trump administration's actions on renewable projects tested bipartisan consensus. The Department of Energy designated helium as a critical material amid supply disruptions and committed over $14 billion in nuclear financing, while House Democrats escalated investigations into politically-motivated grant terminations that could reshape oversight a
United StatesGovernment, Public Sector
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Article

MintzTech Connect Industry News: Spotlight On Retro

Retro, a friends-only photo-sharing app built by former Instagram teammates Nathan Sharp and Ryan Olson, is challenging today's algorithm-driven social media landscape with a private, ad-free alternative. The app functions as a weekly photo journal designed to reconnect users with close friends and family, eschewing public feeds, follower counts, and AI-generated content in favor of intimate, subscription-based social spaces.
United StatesMedia, Telecoms, IT, Entertainment
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.