IRS sues FDIC over Silicon Valley Bank’s $1.4B tax debt, Reuters says

The Federal Deposit Insurance Corporation was sued earlier in the week by the IRS for more than $1.4B for tax debt owed by the failed Silicon Valley Bank, wrote Dietrich Knauth for Reuters. The FDIC, which seized SVB and its assets in March of last year, has rejected “the entire tax claim,” but the IRS said “the court should overrule the FDIC’s decision to deny the tax claim, and make a new determination on the validity and amount of taxes owed,” added the Reuters story… Companies in the regional banking space include : New York Community Bancorp (NYCB), KeyCorp (KEY), Citizens Financial (CFG), Huntington Bancshares (HBAN), Western Alliance (WAL), Valley National Bank (VLY), and Comerica (CMA).