Community banks, regional banks play an incredibly important part of the U.S. economy.

Because the businesses they support account for well over 80% of new job creation, well

over 80% of new capital infusion.

I mean, it's not even close.

What's happened now is the logic has now changed.

And so if I'm a small business owner, instead of looking at the local bank or the local

credit union, I now realize, well, if I'm successful, I'm in trouble if something happens

that bank.

I'm Chris Hill and that's Salt and Meggie, the former chief innovation officer at the FDIC.

Today, he teaches financial technology and cybersecurity at Duke University.

Ricky Mulvey caught up with Meggie last Tuesday to talk about what happened behind the scenes

before the collapse of Silicon Valley bank, how to pack a go bag for your savings and new

questions for regional banks.

Before we dive into the Silicon Valley bank collapse and the effects of all that that

are continuing to play out, can you talk a little bit about the relationship between banks

and the FDIC for someone who might not be savvy on it?

Sure.

So the FDIC actually has two jobs.

One is to run an insurance fund, the deposit insurance fund, which is what pays for the

up to $250,000 current checking account thing that we all see on our banks.

And the second is they have about 3,000 bank examiners and support staff and they examine

a jishai of 4,000 banks directly.

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