{"id":76383,"date":"2023-03-29T13:28:51","date_gmt":"2023-03-29T10:28:51","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=76383"},"modified":"2025-09-10T17:07:25","modified_gmt":"2025-09-10T14:07:25","slug":"fdic-gives-signature-bank-clients-a-week-to-withdraw-funds","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/fdic-gives-signature-bank-clients-a-week-to-withdraw-funds\/","title":{"rendered":"FDIC gives Signature Bank clients a week to withdraw funds"},"content":{"rendered":"<p><span data-descr=\"Federal Deposit Insurance Corporation\" class=\"old_tooltip\">FDIC<\/span> informed Signature Bank that clients with digital assets have been given the opportunity to close their accounts and withdraw their funds by April 5. <a href=\"https:\/\/www.reuters.com\/markets\/us\/us-fdic-tells-signature-banks-crypto-clients-close-accounts-by-april-5-2023-03-28\/\"> Reuters<\/a> reports.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cIf clients do not do this, we will mail checks to the address on file,\u201d<\/em> the FDIC spokesperson said.<\/p>\n<\/blockquote>\n<p>Deposits of crypto firms ended up outside the scope of the March 19<a href=\"https:\/\/u1f987.com\/en\/news\/nycb-subsidiary-flagstar-bank-buys-part-of-signature-bank-crypto-deposits-excluded-from-the-deal\"> deal<\/a> to sell the financial institution to Flagstar Bank, a unit of <span data-descr=\"New York Community Bank\" class=\"old_tooltip\">NYCB<\/span>. Their amount totals $4 billion (~4.5% of the total).<\/p>\n<p>Under the agreement the buyer received Signature Bank&#8217;s assets worth $38.4 billion. They include a loan portfolio of $12.9 billion with a discount of $2.7 billion.<\/p>\n<p>As of the latest reporting date, Signature Bank&#8217;s assets total $110.4 billion (including deposits of $88.6 billion). The FDIC will have about $60 billion at its disposal.<\/p>\n<p>According to Reuters, the Corporation <a href=\"https:\/\/u1f987.com\/en\/news\/reuters-prospective-owner-of-signature-bank-must-relinquish-its-crypto-business\">asked<\/a> banks interested in acquiring Silicon Valley Bank (SVB) and Signature Bank to refrain from any engagement with cryptocurrencies. A FDIC spokesperson, citing earlier comments by its head Martin Gruenberg, said such assumptions are incorrect. Previously, in a similar vein, <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-financial-regulator-refutes-link-between-signature-bank-closure-and-its-crypto-business\">said<\/a> employees of the <span data-descr=\"New York Department of Financial Services\" class=\"old_tooltip\">NYDFS<\/span>.<\/p>\n<p>Amid the events, former U.S. Representative Barney Frank <a href=\"https:\/\/u1f987.com\/en\/news\/former-u-s-congressman-regulators-have-signalled-to-banks-that-cryptocurrencies-are-toxic\">stated<\/a> that regulators have signaled to banks that cryptocurrencies are toxic.<\/p>\n<p>Subsequently, Colorado Senator Michael Bennet, at hearings of the Senate Finance Committee, <a href=\"https:\/\/u1f987.com\/en\/news\/us-senator-criticises-banks-for-working-with-the-crypto-industry\">named<\/a> the bank&#8217;s friendly stance toward digital assets as a cause of Signature Bank&#8217;s collapse.<\/p>\n<p>Earlier, the IMF <a href=\"https:\/\/u1f987.com\/en\/news\/imf-warns-of-negative-impact-of-cryptocurrencies-on-banks\">warned<\/a> about the negative impact of cryptocurrencies on banks.<\/p>\n<p>Circle and Coinbase, the issuers of the USDC stablecoin, said that problems in the banking sector <a href=\"https:\/\/u1f987.com\/en\/news\/circle-and-coinbase-accuse-banks-of-destabilising-the-cryptocurrency-market\">led to uncertainty<\/a> in the digital-asset market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FDIC told Signature Bank that clients with digital assets have until April 5 to close accounts and withdraw their funds. Reuters reports.<\/p>\n","protected":false},"author":1,"featured_media":76384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,36],"class_list":["post-76383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=76383"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76383\/revisions"}],"predecessor-version":[{"id":76385,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76383\/revisions\/76385"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/76384"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=76383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=76383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=76383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}