Two Signature Bank executives reiterated at a Senate hearing on Tuesday that Signature does not need to be shut down. Signature is prepared to continue operating despite $16 billion in customer withdrawals following the collapse of Silicon Valley Bank, Signature co-founder and former chairman Scott Shay said. It is believed that Signature can withstand the economic earthquake, that it is well capitalized and solvent. Eric Howell, the former president of Signature, agreed, saying the bank was "well capitalized, solvent and has sufficient borrowing capacity to sustain current and future withdrawals". According to previous news, the New York Department of Financial Services (NYDFS) denied that Signature Bank closed down because of its exposure to the encryption industry.