Digital Signature Legitimateness for Banking in United States: Transforming the Way Businesses Send and eSign Documents

How to eSign a document: digital signature legitimateness for Banking in United States

being the the top, regulator for New York, state. So superintendent Harris, I want to applaud you once again for everything you are doing on behalf of New Yorkers. a caring person, chili Kyo, the secretary of the governor has joined us as well as Liz find Council of the governor. These are just a few of the team members who work tirelessly throughout this weekend, We spent hours on the phone. myself calling the White House. the superintendent. Speaking to everyone at the Federal Reserve. the treasury Department. f. See, I see. the financial institutions. that were very much concerned about what was transpiring. and also a lot of Business Business Leaders from the partnership. We spoke to the New York Business Council, We spoke to people at rebney in Abney and making sure that everyone knew in real time. What was going on? time. where do we stand? as, you know, the New York State Department of Financial Services took possession? of a New York Chartered Bank known as signature last night. While that sounds extraordinary. That is what happens in terms of the transition from a temporary Hold by the state and it's merely turned over to the FDIC the appointment of the Department of Point the FDI c-- to run the day-to-day operations. and this all is in the Aftermath of what happened. We saw on. Friday. unfolding with Silicon Valley Bank out in California. and this had an effect. on. a bank here in particular signature Bank and the superintendent explain what happened here, but our view was to make sure that the entire banking Community here in New York was here that we can project. calm that could manage. a certain narrow situation and to make sure that that did not get any worse And that was what our objectives were. So what the Federal Reserve and the FDA these FDIC did this weekend was important, they invoke powers that were conferred to them to be create a stopgap. message. to all depositors that their deposits even above the The. two hundred fifty thousand dollar limit, which is in the law. with FDIC that would also be protected. and what this did sent a ripple across the states and also the country that deposits would important. for people to hear and having not just Silicon Valley Bank but also Signature Bank on the list when these decisions yesterday. was what we had really pushed hard for all weekend long to ensure that the same protections. afforded. the depositors at Silicon Valley Bank, the businesses and the the families and the small town shops and everyone else who does business at Signature Bank to make sure that they knew they are protected to the B. Raishin for their Swift action. We are in communication. all weekend long. They understood the need that we had here in New York to ensure that on the list of those that receive this. And this these traditional protections because they saw that, a run on a regional Bank could pose a great risk to our stability. This was what the level of concern was over the weekend that people this morning. waking up and deciding to take their money out of a bank because of uncertainty could lead others to flee Regional Banks, and that would create incredible. instability in a sector of the banking community that we think is particularly important and that would have had large Ripple effects throughout the economy. Because these Banks do hold deposits from small businesses and consumers including those in the Innovation economy, which is We important to our life cycle here in New York state. small businesses overall. the lifeblood of our city in our state and we want to make sure that they also again had the confidence to their purpose, their deposits and their ability to make payroll. were protected. So we decided it was important to do, whatever we could to protect them. from customers a signature bank. them from who had on insured deposits to know that there would be protected, so that's what the president. reinforced a short time ago. and we want to make sure everyone knows the bank. branches are open today. This was even an area that could have been in doubt over the weekend. If again, we were not successful. in persuading the federal government. Ooh include customers and its protection. So the banks are open Everything is fine. cam. now, the FDIC is in charge of the bank and they'll be communicating any further deals. details about the future. But basically, the management has changed. this was important. This is not a bailout of government tax payer dollars, this is simply using fees that are assessed on all banks, by the FDIC all banks a time. They would need them. so that money is there It's not from the taxpayers. but it also. Now there's new leadership. So this is not continuing the existing leadership that led the bank into the situation. and Senate is bringing a new flesh, fresh blood, as well as hopefully a / 10 shal acquisition that will be working for dinner as well. This is an unusual circumstance. But want to deliver Is that New Yorkers? Yorkers should have confidence?Pendants, that their money is secure. and wherever they've chosen to bank that that is protected and we wanted to come out here this morning because they deserve that confidence and let them know that they should continue. maintaining that level of confidence that the banking industry in our state is strong. it is on solid footing. and the actions taken yesterday by the the government in quickly implemented by our superintendent will go a long way toward bolstering that. I am grateful to the countless Partners. We had in the federal government who acted? so thoughtfully, and response to responded so quickly. I'm grateful to the men and women of New York. the entrepreneurs who continue to build here who have faith and confidence. in our systems. And then companies, who employ so many workers. and all of those who are keeping our state's economy. So strong, I want them. You know, once again. despite the Jitters over the weekend, this is Monday. The banks are open The assets are protected the deposits are protected and a lot of that was the result of the work. done by our superintendent to make sure that we are looking out for our New York family here. So, superintendent. turned it over to you, then we'll take a few