US Seeks to Quash Bank-Run Risk as Yellen Pledges Protection (1)

US regulators are racing against the clock to find solutions for failed Silicon Valley Bank while Treasury Secretary Janet Yellen said officials are focusing on protecting depositors, as officials seek to avoid a wider bank run.

Since SVB’s collapse Friday in the biggest bank failure in over a decade, the Federal Deposit Insurance Corp. has launched an auction for what’s left of the business, part of an effort to fully recover clients’ uninsured deposits and head off a wider crisis, people with knowledge of the situation said. Authorities have been racing to make initial payouts of unprotected funds to SVB ...