City of Huntington BeachExposure to Current Bank Issues City Council Meeting
March 21, 2023
BACKGROUND:
March 10-12, 2023: Federal Regulators close Silicon Valley Bank and Signature Bank, NY after traditional “run on money” Federal Regulators act immediately to approve Bank Term Funding Program to backstop depositors and financial institutions ACTION:
City Treasurer and Acting Chief Financial Officer contact CalPERS and other financial providers to determine effect, if any, on City funds CONCLUSION:
Currently there is very little to no effect on City funds