Signature Bank board member and former United States lawmaker Barney Frank claimed on Monday that the bank had no insolvency issues prior to New York state and US federal regulators' decision to close the bank and take over its operations.
The bank was known for its ties to the cryptocurrency industry and the "regulators wanted to send a very strong anti-crypto message," Frank told CNBC.
Signature customers withdrew over $10 billion from their bank accounts late last week due to "contagion" from the failure of Silicon Valley Bank and Signature had "no indication of problems" before that, the former Democratic congressman underlined. Signature is the third-largest bank collapse in US history after Washington Mutual in 2008 and Silicon Valley Bank last week.
