US lawmaker urges FDIC to ensure SVB's keeps agreement with California, Massachusetts

The top Democrat on the US House Financial Services Committee sent a letter to the Federal Deposit Insurance Corp (FDIC) on Saturday, urging the agency to ensure the continuation of a benefits plan for communities in California and Massachusetts that the collapsed Silicon Valley Bank agreed to in 2021.

US Representative Maxine Waters, the panel's ranking member, urged the agency to "ensure that Silicon Valley Bridge Bank and any buyer of the bank honors SVB's commitments to low-income communities and communities of color in California."

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