“On Monday, I, as the Ranking Minority member on the Assembly Banks Committee, and Chairwoman Pamela Hunter, participated in an emergency video conference with New York state Department of Financial Services (DFS) Superintendent Harris to be briefed on the developing situation as it pertains to Signature Bank.

“To be clear, all depositors will be made whole, and no losses will be borne by taxpayers. Depositors will be made whole by the debt and equity holders of the bank. Clients continue to be insured by the federal government for all deposits. Customers will continue to have uninterrupted customer service and access to their funds. Borrowers will automatically become customers of the FDIC-controlled bank and should continue to make their payments as usual. All banking activities have resumed, including online and in-person including at the 29 branches in New York.

“I want to take this opportunity to compliment Superintendent Harris on her strong leadership and quick action regarding Signature Bank this weekend. Her actions, I believe, allowed Signature Bank to open its doors this morning and do “business as usual.” As a result, panic with depositors both at Signature Bank, as well as other banks, did not occur.”