Berger outlines what CUs need to know on bank failures
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As President Joe Biden, lawmakers, and regulators Monday continued to address the failings of Silicon Valley Bank (SVB) and Signature Bank, NAFCU President and CEO Dan Berger sent a message to member credit unions providing additional insights into the situation and the safety of credit union deposits.
Berger highlighted that:
- the banks’ failings are a result of “their poor management of assets and liabilities – not a systemic failure” like the 2008 financial crisis;
- SVB and Signature Bank’s banking models are not representative of the U.S. financial ecosystem, as their businesses were heavily concentrated in startup companies, venture capital firms, and crypto companies;
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