Justice Department Launches Investigation into Collapse of Silicon Valley Bank and Signature Bank

The Justice Department has opened an investigation into the circumstances surrounding the collapse of Silicon Valley Bank (SVB) after it was taken over by federal regulators last week. The US government intervened over the weekend to assure depositors of the banks that they would have access to all of their money starting Monday, March 13 and that losses related to SVB’s collapse would not be borne by taxpayers.

Customers and employees of both Silicon Valley Bank and Signature Bank, which both failed this week, will have full access to all of their money on deposit. This includes both insured and uninsured deposits, which will be accessible from the “bridge banks” that the FDIC created for SVB deposits and Signature Bank deposits.

Federal law enforcement officials have confirmed the investigation into the bank’s collapse, which is said to be in its early stages. The officials spoke to CBS News on the condition of anonymity due to the sensitive nature of the investigation, which was first reported by the Wall Street Journal.

The FDIC has taken control of both banks and is working to ensure that customers have access to their deposits. The FDIC has also said that it will provide additional information as it becomes available.

The Justice Department’s investigation into the collapse of Silicon Valley Bank and Signature Bank is ongoing, and it is unclear what the outcome of the investigation will be. In the meantime, customers and employees of both banks can rest assured that they will have access to their deposits.