Digital Signature Licitness for Financial Services in United States

How to eSign a document: digital signature licitness for Financial Services in United States

TO TELL YOU ABOUT TONIGHT. THIS DEVELOPING STORY. PEOPLE WORRIED ABOUT THEIR MONEY AND FOR GOOD REASON. FINANCIAL REGULATORS SHUT DOWN NEW YORK BASE SIGNATURE BANK IN A MOVE DESIGNED TO SLOW DOWN A BANKING CRISIS TWO DAYS AFTER THE COLLAPSE OF SILICON VALLEY BANK IN CALIFORNIA. TONIGHT, SOME ANALYSTS FEAR THIS IS JUST THE BEGINNING. EYEWITNESS NEWS REPORTER LUCY YANG ON THE UPPER EAST SIDE. LUCY? >> Reporter: THAT'S RIGHT, SANDRA. ON FRIDAY, A TECH BANK, A VERY LARGE TECH BANK WENT BELLY UP. TONIGHT A CRYPTO BANK HERE ON THE OTHER SIDE OF THE COUNTRY FOLLOWS SUIT. SIGNATURE BANK, WHICH HAS AN OFFICE BEHIND ME, IS NOW IN THE HANDS OF THE FDIC. NO MATTER HOW YOU READ THESE TEA LEAVES, THESE ARE VERY TROUBLING FINANCIAL DEVELOPMENTS. ANOTHER BANK BITES THE DUST AND TONIGHT FEARS ARE MOUNTING. HOW MANY OTHERS ARE TEETERING ON THE BRINK OF BANKRUPTCY? SIGNATURE BANK IS A BIG CRYPTOCURRENCY LENDER IN NEW YORK. ON SUNDAY, THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FDIC, TOOK OVER ITS ASSETS WORTH MORE THAN $110 BILLION, AND MORE THAN $88 BILLION IN DEPOSITS. SIGNATURE IS NOW THE THIRD LARGEST BANK TO FALL INTO FINANCIAL FAILURE IN U.S. HISTORY. ON FRIDAY, THE SECOND LARGEST BANK TO GO BELLYUP SENT SHOCK WAVES FROM CALIFORNIA. SILICON VALLEY BANK, WHICH CATERED TO THE TECH INDUSTRY, STARTED SELLING ASSETS LAST WEDNESDAY TO BALANCE ITS BOOKS. INSTEAD, PANIC TOOK OVER AS CUSTOMERS AND INVESTORS DEMANDED THEIR MONEY. THE FDIC HAD TO STEP IN TO CONTAIN THE FIRE. U.S. TREASURY SECRETARY, JANET YELLEN, ADAMANT ON SUNDAY, THAT BANKS ARE NOT GOING TO BE RESCUED AGAIN BY TAXPAYERS. >> DURING THE FINANCIAL CRISIS, THERE WERE INVESTORS AND OWNERS OF SYSTEMIC LARGE BANKS THAT WERE BAILED OUT. WE'RE NOT GOING TO DO THAT AGAIN. >> Reporter: FINANCIAL REGULATORS ASSURING MOM AND POP CUSTOMERS ON MAIN STREET THEY WILL NOT GET BURNED. >> SO RIGHT NOW I'M IN A HOLDING PATTERN. THERE IS NOTHING I COULD DO ABOUT IT UNFORTUNATELY. >> Reporter: THE RACE IS ON TO FIND A BUYER FOR SILICON VALLEY BANK. >> THE BEST OUTCOME WILL BE CAN THEY FIND A BUYER FOR THIS SVB BANK TODAY BEFORE THE MARKETS OPEN IN ASIA LATER IN THE DAY? >> Reporter: SILICON VALLEY BANK MAY BE THE FIRST DOMINO TO FALL. CLEARLY IT'S NOT THE LAST. NOW HERE IS AN IMPORTANT DETAIL. THE FDIC ENSURES DEPOSITORS UP TO $250,000. ANYTHING BEYOND THAT IS CONSIDERED TOO BAD, SO SAD. BUT IN THIS CASE, THE FDIC IS PROMISING TO MAKE ALL DEPOSITORS WHOLE, THAT MEANS 100% INSURED. THAT IS A GAMBLE, BUT IS IT ENOUGH TO STOP CUSTOMERS FROM MAKING A RUN O