Regulators took over two banks in recent days, including New York-based Signature Bank and the California-based Silicon Valley Bank.
On Monday, both President Joe Biden and Gov. Kathy Hochul assured people that the state's banking systems are stable and the takeover will not impact taxpayers. And experts say the bank failures are not as widespread as the 2008 crisis.
Maria Vullo, the former superintendent of the State Department of Financial Services, joined Errol Louis on "Inside City Hall" Monday to explain how we got here and what happens next.