The Federal Reserve is creating a new Bank Term Funding Program to shore up deposits at Silicon Valley Bank, which has collapsed due to money troubles with tech companies. The program will offer loans of up to one year to banks, saving associations, credit unions, and other institutions to help protect their deposits. There will be no bailout and no taxpayer costs associated with the new plans.

The post Regulators Unveil plan to Assure Depositors will get money after SVB collapse appeared first on Balanced News Summary.