The Latest Breaking News from FDIC

WASHINGTON — “This is not 2008”: That was the mantra of Biden administration officials Monday as they sought to reassure investors and the public that a regulatory takeover of two failed banks and rescue of their depositors, along with newly implemented safeguards, would be enough to avert a broader crisis…

Analysts say there is little chance of a wider banking crisis after the failure of Silicon Valley Bank, as the banking system is well-capitalized and passed stress testing.

SVB Financial named a restructuring committee to seek out alternatives for its non-banking units.

For decades, the dominant mantra of Silicon Valley's powerful has been that government is just a drag on their innovative spirit. Get regulators off our backs, they've argued, and we'll improve people's lives to an indescribable degree.

President Joe Biden is confronting a significant challenge as his administration grapples with the fallout from the second- and third-largest bank failures in history

A regulatory takeover of a New York-based bank was intended to send a message to banks to stay away from the cryptocurrency business

When it was established in 1933, some 4,000 banks had closed in the first few months alone. The FDIC is relying on one of its main tools — deposit insurance — to prevent more banks from failing.

SVB Capital blasted a letter, seen by Fortune, to its limited partners via email Monday morning, saying it was “continuing to operate” following the closure of the bank.

“Consumers need to separate falling stock prices and volatile trading from their actual deposits in the bank,” explained Mark Neuman, financial advisor and CIO of Constrained Capital.

SVB’s collapse is dangerous to a stable financial system, and a blueprint of what banking should not do.

SVB’s failure was the biggest bank collapse since Washington Mutual Bank in 2008.