UPI By Darryl Coote
Regulators shut down New York’s Signature Bank on Sunday, the second bank to be shuttered in a matter of days, with President Joe Biden attempting to assuage fears over the stability of the financial system by vowing to continue efforts to strengthen oversight and regulation.
Signature Bank — a state-charted, federal-insured crypto industry lender based in New York City — was closed by state bank regulators Sunday in an effort “to protect depositors,” New York Department of Financial Services Superintendent Adrienne Harris said in a statement.
According to state records, Signature Bank has $110.3 billion in total assets and some $88.6 billion in total deposits as of Dec. 31.
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