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Meeting Title:
What Should Receivers Do In The Aftermath of Silicon Valley Bank, First Republic Bank & Sovereign Bank To Protect Receivership Funds? 

Description:
The recent events involving the FDIC take-over of Silicon Valley Bank and Signature Bank are a wake-up call to all receiver-fiduciaries holding funds in trust for their receivership constituencies. Critical questions: Are the receivership funds being held recognized by the Federal Reserve and FDIC? If not, do you need to move the funds to a different bank. Is it sufficient, from a fiduciary point of view, for funds to be held in a non-interest-bearing bank account.  What factors should a receiver be weighing when considering whether to maximize return by maintaining funds in a higher interest rate account versus the high level of customer service a receiver gets when the funds earn a lower rate of return.  

Meeting Date:
Monday, July 10, 2023