The Troubling State of Banks and Government Relations.

Signature Bank, a regional bank known for catering to real estate companies and cryptocurrency investors, collapsed and was seized by New York regulators. Syracuse, where the bank held $56 million of taxpayers' money, withdrew its funds earlier this week due to increased risk that regulators might not allow the city to retrieve the money when needed. The city's dealings with Signature Bank go back to the spring of 2021 when it received federal stimulus payments. The episode has stirred concern from some city councilors and City Auditor Nader Maroun, who question why the city deposited money with a regional bank.