Bank regulation in the United States

In a highly anticipated report on the collapse of Silicon Valley Bank, the Federal Reserve admits that it should’ve been paying slightly closer attention to the tech-centric bank before it unceremoniously collapsed last month. At the same time, the Fed’s report also reveals what everybody already could’ve guessed: SVB was a poorly run bank.Robinhood App Lays Off 9% of StaffLong a headquarters for the money of tech startups and venture capital, SVB collapsed in March as the result of a number of screwy financial decisions…

Silicon Valley Bank, once triumphantly dubbed the “financial partner of the innovation economy,” before its recent historic collapse, is being acquired by First Citizens, a legacy banking institution founded in 1898. The new deal will see First Citizens take on the entirety of SVB’s loans and deposits just two weeks after the bank sent shockwaves through the financial industry with its sudden implosion. First Citizen announced the deal on Monday in partnership with the Federal Deposit Insurance Corporation (FDIC), which…

Photo: Justin Sullivan (Getty Images)The U.S. government swooped in on Sunday to save the tech industry from a problem of its own making, announcing that it would ensure all depositors in Silicon Valley Bank had full access to their money by Monday. In an extraordinary move, U.S. regulators classified Silicon Valley Bank—which claims it serves nearly half of all venture capital-backed startups in the country—as a systemic risk to the financial system, a designation that allows it to guarantee all deposits and not just the…