Tim Mayopoulos, the former CEO of Fannie Mae, was appointed by the Federal Deposit Insurance Corporation (FDIC) to lead Silicon Valley Bank. He takes over after the startup-focused lender was shut down by regulators as a result of a run on its deposits, which left it with insufficient capital.
For more than six years prior to joining fintech Blend, Mayopoulos was the CEO of mortgage financier Fannie Mae.