As we head into the weekend, we wanted to give our members a short roundup of information and stories from this week surrounding the failure of Silicon Valley Bank.
• U.S. Treasury Secretary Janet Yellen reassured markets and lawmakers at a Senate Finance Committee on Thursday the federal government is committed to protecting U.S. bank deposits.
• Oklahoma Sen. James Lankford raised concerns about the federal government’s response to the Silicon Valley Bank issue.
• The Oklahoma State Treasurer’s office put out a media release on Tuesday lauding the strength of Oklahoma’s financial condition behind the leadership of the Oklahoma State Banking Department.
• Moody’s Investors Services office lowered its view on the entire banking system from “stable” to “negative.” The firm, one of the big three rating services, made the move on Monday.
• OBA President and CEO Adrian Beverage was interviewed on FOX 23 in Tulsa where he emphasized the strength of Oklahoma banks and minimized the effect Silicon Valley Bank would have in Oklahoma.
• Several Oklahoma bankers were interviewed in the media about the Silicon Valley Bank failure and its impact in Oklahoma, with all doing a good job of downplaying the impact in Oklahoma and calming any concerns.
• Other banking experts throughout the state echoed the bankers in media comments.
• The Federal Reserve on Monday released a set of FAQs providing details on its newly announced Bank Term Funding Program to provide a liquidity backstop to eligible depository institutions.
• The OBA sent out media talking points to members at the start of the week, to help if they were approached by local media about the story, which included quotes from Oklahoma State Banking Commissioner Mick Thompson.