3 Things To Know Today

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Photo: Science Photo Library RF

1 Silicon Valley Bank Collapse Causes Run On Other Banks

The Treasury Department says it will take steps to ensure all Silicon Valley Bank deposits are paid in full after the shutdown by regulators Friday night. Depositors will have access to all their money starting today, according to Sunday's joint statement with the Federal Reserve and FDIC. That includes deposits beyond the federally insured ceiling of $250,000. The Fed also announced it will make additional funding available.This shutdown marks the biggest U.S. bank failure in 15 years. Treasury Secretary Janet Yellen told CBS yesterday there would be no federal bailout for the failed California bank. Yellen explained that she was working with SVB depositors to find solutions all weekend, but that reforms put in place after the 2008 financial crisis mean that a bailout is not an option. The Treasury announced in a statement yesterday that Signature Bank in New York City was also being seized after the New York state chartering authority closed the bank. The statement said that all depositors of Signature Bank "will be made whole," which includes any amounts over the $250k insured by the FDIC. Signature Bank is the third-largest bank failure in U.S. history.

2 Monterey County Levee Breaks Prompting Evacuations

A 120-foot-wide levee breach along California's Pajaro River early Saturday morning has resulted in what officials are calling an “uncontrolled flow”. This has prompted dozens of water rescues and an evacuation warning for about 8,500 people. Interim general manager of the Monterey County Water Resources Agency Lew Bauman, said in a briefing Saturday afternoon, "It continues to flow, it will flow uncontrolled until we are able to secure that with interim protective measures.” He added the Agency is currently working with their contractor to develop a mitigation plan to "close that breach," though he doesn’t know how long it will take. Meanwhile, as many as 15 million people may be affected by flooding as another round of storms hits California. Forecasters say another atmospheric river is expected to bring heavy rains to the central and northern part of the state today and will continue through Wednesday. President Biden has already approved a state of emergency declaration to free up funds for millions of Californians impacted by severe weather since the beginning of the year.

3 Three Women From Texas Missing After Crossing Into Mexico

Three Texas women have been missing in Mexico for about two weeks. This happened after they crossed the southern border into Mexico for a shopping trip. Marina and Maritza Rios - sisters in their late 40s - and their 53-year-old friend Dora Saenz crossed the border on February 24th, according to U.S. Customs and Border Protection. The husband of one of the women says he spoke to her by phone, according to the police chief, but got worried when he could no longer reach her. The three women haven't been heard from since. This incident occurred a week before a group of four from South Carolina was kidnapped in northeastern Mexico, with two of the four later found dead. The Mexican cartel has since written a letter of apology for the kidnapping and killing of two from this group, which they called a case of mistaken identity. Should you hold off going to Mexico right now? The Texas Department of Public Safety is urging people not to travel to Mexico for their upcoming spring break. DPS Director Steven McCraw in a statement on Friday, "Based on the volatile nature of cartel activity and the violence we are seeing there; we are urging individuals to avoid travel to Mexico at this time." Americans who do decide to go to Mexico are asked to register with the embassy or consulate beforehand.


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