The collapse of Silicon Valley Bank on Friday is the second largest failure of a financial institution in U.S. history. The bank was shut down and put under the control of the FDIC following a 48-hour bank run and capital crisis. While this was not a credit union failure, we recognize it may still create consumer concerns regarding the safety of their deposits. MnCUN and CUNA offer the following to help your staff members address any questions they may encounter from members.
Please do not hesitate to reach out if we can be of assistance. MnCUN will provide updated information on the Silicon Valley Bank situation as available.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.