California State Financial Protection Agency

It is reported that the California State Financial Protection Agency announced today that Silvergate Bank, a state chartered bank regulated by DFPI, has voluntarily started the liquidation process. DFPI Commissioner Clothilde Hewlett said: “The Financial Protection Agency is closely monitoring the situation to promote the safe and rapid voluntary liquidation of Silvergate Bank.” “The department is assessing the compliance of Silvergate Bank with all financial laws and is closely cooperating with relevant federal counterparts.” Interpretation of this information: The announcement from the California State Financial Protection Agency has revealed that…