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Federal Reserve Issues Consent Order to Silvergate Bank for Self-Liquidation Plan

The Federal Reserve Board has issued a consent order to Silvergate Bank and its parent company, as the bank plans to wind down operations and liquidate.

The bank has 10 days to submit a self-liquidation plan in compliance with California and federal requirements. The bank had announced its plans to shut down in March due to industry and regulatory developments, becoming one of three major crypto-friendly banks to close.

The Fed identified numerous deficiencies at the bank following the collapse of crypto exchange FTX in November 2022, resulting in funding and liquidity stress. Any self-liquidation plan proposed by Silvergate will be overseen and approved by Fed officials and California's Department of Financial Protection and Innovation.

Federal Reserve Silvergate Bank FTX
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