“There are recent developments that concern a few banks that I’m monitoring very carefully,” Yellen told lawmakers during a committee hearing. The FDIC seized control of the bank’s assets, an unusual move suggesting that immediate action was necessary. Yellen told Congress that she was keeping a close eye on the bank’s financial crunch shortly before the California Department of Financial Protection and Innovation announced it had taken possession of the institution Friday morning. ![]() Treasury Secretary Janet Yellen and other policymakers are on alert that problems at the institution - which had $209 billion in assets and counted more than half of Silicon Valley-backed startups and health-care businesses among its depositors - could spread.
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