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NYS Bar Association to hold emergency webinar on shutdown of Signature Bank

March 14, 2023 Robert Abruzzese
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CITYWIDE — The New York State Bar Association (NYSBA) is set to hold a webinar on Tuesday entitled, “Government Closures of Silicon Valley Bank and Signature Bank: What Lawyers Need to Know,” that will focus on the government shutdown of Signature Bank and the failure of Silicon Valley Bank.

These recent events have caused concern among clients, with many worried about the safety of their deposits.

The shutdown of Signature Bank and the collapse of Silicon Valley Bank have been described as the largest bank failure since the global financial crisis a decade ago. During the webinar, speakers will dispel common myths surrounding these events and elaborate on the federal government’s actions that resulted in paying depositors in full beyond the federally insured $250,000 ceiling.

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The webinar will be presented by the NYSBA’s Business Law Section and will offer advice on how attorneys can protect their own accounts, with a special focus on money held in escrow.

Some questions that will be answered in the upcoming NYSBA webinar about the government shutdown of Signature Bank and the failure of Silicon Valley Bank include: What led to these events and why did the FDIC take these actions? Can people still use their ATM and credit cards issued by Signature Bank? What will happen to loan commitments from Signature Bank and how will it affect loan closures?

Signature Bank reportedly had mostly uninsured deposits from its client base, which was primarily made up of businesses. California’s Silicon Valley Bank faced a similar situation where panicked depositors tried to withdraw all their money, leading to its collapse and government takeover.

The webinar will be moderated by Jay L. Hack, a partner at Gallet Dreyer & Berkey. The panel of speakers will provide insight into the recent events and help attorneys understand how they can best protect themselves and their clients.

With the economic impact of the pandemic still being felt, it is more important than ever to have a clear understanding of the risks and challenges facing the banking industry.

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