No bailout, says Yellen

US treasury secretary Janet Yellen on Sunday said she was working closely with banking regulators to respond to the collapse of Silicon Valley Bank and protect depositors, but a major bailout was not being considered.

Yellen told the CBS News "Face the Nation" show that she had been working with regulators to "design appropriate policies to address the situation," the largest bank collapse since the 2008 financial crisis, but declined to give further details.

"Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out...and the reforms that have been put in place means we are not going to do that again," Yellen told CBS.

"But we are concerned about depositors and are focused on trying to meet their needs," Yellen said. California banking regulators on Friday closed SVB, appointing the Federal Deposit Insurance Corporation (FDIC) as receiver to protect depositors at the startup-focused lender.