(Matt Levine et al have argued that the SV VC community should have taken over more, or indeed any, of the rescue role, since they were responsible for overweighting SVB and then bankrunning it. But that hasn't happened)
Ish. The loss-sharing transaction does involve the FDIC taking risk [1]. They claim they will settle up actual losses with special assessments on their members. And there may be no losses at all. But there is definitely risk being assumed by the FDIC, an entity backed by the full faith and credit of the United States.
It also looks like the FDIC is providing JPMorgan with a $50bn term loan [2]. (Shout out to snake_doc [3].)
[1] https://www.fdic.gov/resources/resolutions/bank-failures/fai...
[2] https://www.jpmorganchase.com/ir/news/2023/jpmc-acquires-sub...
> All depositors of First Republic Bank will become depositors of JPMorgan Chase Bank, National Association, and will have full access to all of their deposits.