JUST IN: The Justice Department and Securities and Exchange Commission are opening investigations into the collapse of Silicon Valley Bank, sources say.
The federal investigations are in their preliminary stages, a source said, and are looking into both the bank’s failure and the actions by senior executives in the lead up to the decision by federal regulators to close the lender last week. To this point no individuals have been accused of any wrongdoing and the person familiar with the matter noted that investigations into a significant event like the failure of Silicon Valley Bank are common.
The DOJ did not respond to CNN’s request for comment. In an extraordinary action to restore confidence in America’s banking system, the Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have access to all their money starting Monday.
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