FDIC launches supervisory appeals panel

Parent Company Beware: Subsidiaries’ Fidelity Bond Claims May Belong to FDIC in Receivership

In March 2023, we wrote about the failure of Silicon Valley Bank (“SVB”) and potential implications of its takeover by the Federal Deposit Insurance Company (“FDIC”). As we noted then, the FDIC, as receiver for SVB, has broad discretion to manage the bank’s assets and liabilities, including selling assets for the benefit of creditors and bailing out the distressed bank. One significant area in which the FDIC’s broad discretion has materialized i…

FDIC launches supervisory appeals panel

The Federal Deposit Insurance Corp. announced the official creation of its Office of Supervisory appeals, which will be helmed by a panel of three officials with combined supervisory and banking experience and will review bank-led appeals of supervisory findings.