The Latest Breaking News from FDIC

President Biden urged calm as markets roiled over the collapse of Silicon Valley Bank. After the FDIC takeover, customers of the bank have full access to their deposits.

WASHINGTON — “This is not 2008”: That was the mantra of Biden administration officials Monday as they sought to reassure investors and the public that a regulatory takeover of two failed banks and rescue of their depositors, along with newly implemented safeguards, would be enough to avert a broader crisis…

A regulatory takeover of a New York-based bank was intended to send a message to banks to stay away from the cryptocurrency business

When it was established in 1933, some 4,000 banks had closed in the first few months alone. The FDIC is relying on one of its main tools — deposit insurance — to prevent more banks from failing.

SVB Capital blasted a letter, seen by Fortune, to its limited partners via email Monday morning, saying it was “continuing to operate” following the closure of the bank.

“Consumers need to separate falling stock prices and volatile trading from their actual deposits in the bank,” explained Mark Neuman, financial advisor and CIO of Constrained Capital.

SVB’s collapse is dangerous to a stable financial system, and a blueprint of what banking should not do.

SVB’s failure was the biggest bank collapse since Washington Mutual Bank in 2008.

For those with plenty of liquid assets, knowing how FDIC insurance works can save potential headaches down the line.