The failure of Silicon Valley Bank — the second-largest bank collapse since Washington Mutual in 2008 — and the subsequent shuttering of Signature Bank have stoked fears of a banking crisis, especially in the regional banking industry.
The United States Treasury, Federal Reserve and FDIC have tried to assuage those fears, stating jointly on March 12, “No losses will be borne by the taxpayer.”
On March 13, President Biden echoed that optimism: “Americans can rest assured that our banking system is safe. Your deposits are safe. Let me also assure you we will not stop at this — we’ll do whatever is needed. Thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe. Your deposits will be here when you need them.”
Discover the Best Banks of 2024: Unveiling Our Top Picks!
We've compiled a list of the top banks for this year!
Here Are the Pros and Cons of Using Multiple Banks
Many banks are one-stop-shop financial institutions...