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ARTICLE · 28 MARCH 2023

What We're Reading This Week [March 17, 2023]

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On March 17th, the New York Times reported that SVB Financial Group, the parent company of Silicon Valley Bank, filed for bankruptcy in the Southern District of New York.

United StatesInsolvency/Bankruptcy/Re-Structuring
Danielle A. Corn
Danielle A. Corn
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On March 17th, the New York Times reported that SVB Financial Group, the parent company of Silicon Valley Bank, filed for bankruptcy in the Southern District of New York. The filing comes shortly after Silicon Valley Bank was seized by the Federal Deposit Insurance Corporation, following a recent run on deposits. SVB's collapse is the second largest in U.S. history and the largest since the financial crisis in 2008. Silicon Valley Bank's Parent Company Files for Bankruptcy – The New York Times (nytimes.com)

On March 15th, The Hill reported that Democrats Elizabeth Warren (from Massachusetts) and Katie Porter (from California) have introduced a new bill, the "Secure Viable Banking Act," to repeal part of a Trump-era bank regulation rollback law, in the wake of the Silicon Valley Bank collapse. If enacted, the Secure Viable Banking Act would put banks holding at least $50 billion in assets under stricter oversight by the Federal Reserve (i.e., at a level more akin to

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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