In a press release issued on Friday, The Federal Deposit Insurance Corporation revealed that SVB was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as the receiver of insured deposits of the bank.

As part of the job description, the employee would be expected to act “as a subject matter expert in interpreting regulatory change related to the various due diligence processes to include Customer Due Diligence and Enhanced Due Diligence processes.”

The bank was the 16th-largest bank inside the USA, and is the second-largest bank in the United States to close since 2008, Fox Business reports.