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FDIC Protections

On Monday, federal banking regulators said they would protect all Silicon Valley Bank (SVB) depositors, including those above the $250,000 deposit insurance limit provided by the Federal Deposit Insurance Corporation. "Depositors will have access to all of their money starting this morning.  The FDIC, Federal Reserve and Treasury Department said, "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer." Additionally, the regulators said they would protect depositors at Signature Bank in New York City.