NYSBA Webinar Will Focus on Government Shutdown of Signature, Silicon Valley Banks
3.13.2023
The consequences of New York state regulators shutting down Signature Bank and the failure of Silicon Valley Bank, which has been described as the largest bank failure since the global financial crisis a decade ago, will be the subject of a free NYSBA webinar tomorrow.
Journalists are invited to attend but must register. They should also contact David Alexander at dalexander@nysba.org. The program, Government Closures of Silicon Valley Bank and Signature Bank: What Lawyers Need to Know, is scheduled for 3 p.m. to 4 p.m. on Tuesday, March 14.
With clients worried about the safety of their deposits, speakers will dispel common myths and elaborate on the federal government’s actions that resulted in paying depositors in full beyond the federally insured $250,000 ceiling. The forum will offer advice on how attorneys should protect their own accounts with a special focus on money in escrow.
The webinar, which is being presented by the association’s Business Law Section, will also answer questions such as:
- What happened and why is the FDIC doing this?
- Can people continue to use ATM cards or credit cards issued by Signature Bank?
- What about loan commitments from Signature Bank and what if a loan was supposed to close next week. Am I still going to be able to close the loan?
Signature Bank had a client base predominantly made up of businesses with a mostly uninsured deposit base similar to California’s Silicon Valley Bank. Regulators announced on Friday that they had taken over Silicon Valley Bank as panicked depositors caused the bank to collapse by trying to pull all their money out.
Jay L. Hack, partner at Gallet Dreyer & Berkey, will moderate the panel.
About the New York State Bar Association
The New York State Bar Association is the largest voluntary state bar association in the nation. Since 1876, NYSBA has helped shape the development of law, educated and informed the legal profession and the public, and championed the rights of New Yorkers through advocacy and guidance in our communities.
