The Federal Deposit Insurance Corporation (FCIC) has assumed control of Silicon Valley Bank (SVB) to protect depositors from losing all of their money after it was closed by the California Department of Financial Protection and Innovation. Federal banking regulators on March 10 took custody of the country’s 16th largest bank, which was a top lender for American…
Silicon Valley Bank Fails, FDIC Steps in to Protect Depositors From Losing All Their Money
March 10, 2023
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FDIC Takes Control of Silicon Valley Bank After Its Collapse
March 10, 2023
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Bank RunBusiness & MarketsCompaniesdepositseconomic policieseconomyFDICInvestmentpersonal financeSVBUS
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The Federal Deposit Insurance Corporation (FCIC) has assumed control of Silicon Valley Bank (SVB) to protect depositors from losing all of their money after it was closed by the California Department of Financial Protection and Innovation. Federal banking regulators on March 10 took custody of the country’s 16th largest bank, which was a top lender for American…
Federal Reserve Unveils Climate Risk Proposal for Big Banks for Public Comment
December 2, 2022
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The Federal Reserve Board of Governors on Dec. 2 invited public comment on proposed principles for managing climate-related risks of banks with $100 billion or more in assets. Six of the board’s seven members voted in favor of the move. They included Federal Reserve Chair Jerome Powell, who became chair under President Donald J. Trump….
Supreme Court Stays Order Barring Executive From Banking Industry
The Supreme Court has put a banker’s lifetime ban from the industry on hold while he pursues an appeal over the ban. The order (pdf), which also stays a $125,000 fine, came late on Sept. 29 in Calcutt v. Federal Deposit Insurance Corp. (FDIC), court file 22A255. Justice Brett Kavanaugh issued the order without referring…
American Banks Lost Record $370 Billion in Deposits in Second Quarter: FDIC
American banks lost a record $370 billion in deposits in the second quarter, the first decline since 2018, according to the Federal Deposit Insurance Corporation in its quarterly summary. FDIC insured commercial banks and savings institutions had a net income of $64.4 billion in the quarter, down 8.5 percent year over year, primarily due to…
No, Your Crypto Isn’t FDIC Insured
Commentary When Canadian cryptocurrency broker and lender Voyager Digital filed for bankruptcy in July, it created some confusion across its customers about their deposits and whether they were FDIC insured. U.S. regulated bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to a certain amount. This serves as a protection for customers…
US Bank Profits Drop as Industry Slows Reductions in Credit Loss Provisions: FDIC
WASHINGTON—U.S. bank profits fell 8.3 percent to $70.4 billion in the second quarter of 2021 as firms slowed their reductions in credit loss provisions, the Federal Deposit Insurance Corporation reported on Wednesday. While profits were still significantly higher than they were a year ago—up 281 percent from the second quarter of 2020—banks slowed the rate…
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