CRS reviewed (i) the legal development of bridge banks, (ii) how bridge banks currently operate, and (iii) areas for potential legislative and regulatory reform.
House Financial Services Committee Chair Patrick McHenry (R-NC) and Senate Banking Committee Ranking Member Tim Scott (R-SC) requested information from the FDIC and FRB regarding their regulatory oversight of Silicon Valley Bank and Signature Bank in the two years leading up to the banks' collapse.
House Financial Services Committee Ranking Member Maxine Waters (D-CA) called on regulators to complete a “long over due” rulemaking on incentive based compensation following the closure of Silicon Valley Bank and Signature Bank.
The FDIC extended the bidding process for Silicon Valley Bridge Bank, N.A. in order to "maximize value and achieve an optimal outcome" following "substantial interest from multiple parties."
The FDIC entered into a purchase and assumption agreement with Flagstar Bank, N.A. to sell most deposits and certain loan portfolios of Signature Bridge Bank, N.A.