Sen. J.D. Vance (D-Ohio) introduced legislation to level the playing field in the banking system, enabling community and small regional banks to better compete against too big-to-fail financial institutions. The Payroll Guarantee Act, submitted on July 20, would extend unlimited deposit insurance to all non-interest-bearing transaction accounts. The bill would mainly target business payroll and…
Sen. Vance Proposes Unlimited Deposit Insurance at Community, Small Regional Banks
Senate Banking Committee Passes Bill to Claw Back Bank Executive Pay
In the most significant bipartisan response since the banking turmoil this past spring, the Senate Bank Committee approved legislation to claw back compensation from bank executives after their financial institutions fail. The Recovering Executive Compensation from Unaccountable Practices (RECOUP) Act reins in the banking industry by imposing new fines for misconduct, restricting failed executives from…
Senate Banking Committee Advances Bill to Claw Back Bank Executive Pay
In the most significant bipartisan response since the banking turmoil this past spring, the Senate Banking Committee approved advanced a bill that would claw back compensation from bank executives after their financial institutions fail. The Recovering Executive Compensation from Unaccountable Practices (RECOUP) Act reins in the banking industry by imposing new fines for misconduct, restricting…
Recent Bank Failures Show More Oversight of Midsize Lenders Needed, Fed’s Powell Says
The collapse of Silicon Valley Bank and Signature Bank in March shows that more oversight of midsize lenders is needed, Federal Reserve Chair Jerome Powell told lawmakers in his semi-annual testimony. While banking stress occurred in the fallout of the SVB and Signature failures, the Fed Chair reiterated that “the U.S. banking system is sound…
What to Know About Money Funds
June 3, 2023
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By Ella Vincent From Kiplinger’s Personal Finance The run on Silicon Valley Bank and the cascade of bank troubles in March spooked depositors, who withdrew billions of dollars from bank accounts. Much of their money ended up in money market mutual funds. Investments in money funds skyrocketed by about $67 billion during the first three…
Rep. McClain Rips Financial Regulators for SVB Collapse
May 25, 2023
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The swift demise of Silicon Valley Bank (SVB) has raised serious concerns about the bank’s management and, more importantly, the failure of oversight. These issues were highlighted during Wednesday’s hearing of the Oversight Subcommittee on Health Care and Financial Services, where Chairwoman Lisa McClain (R-Mich.) expressed her apprehensions. “The speed that it failed raised immediate…
LIVE 10 AM ET: Silicon Valley, Signature and First Republic Bank Former Executives Testify on Bank Failures to House
May 17, 2023
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Former Chief Executive Officer of Silicon Valley Bank Greg Becker, co-founder and former Chairman of Signature Bank Scott Shay, and former CEO and President of First Republic Bank Michael Roffler testify in the first panel to the “U.S. House Financial Services Committee Subcommittee on Financial Institutions and Monetary Policy and Subcommittee on Oversight and Investigations” on bank failures at 10:00 a.m. ET on…
LIVE NOW: Silicon Valley, Signature and First Republic Bank Former Executives Testify on Bank Failures to House
May 17, 2023
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Former Chief Executive Officer of Silicon Valley Bank Greg Becker, co-founder and former Chairman of Signature Bank Scott Shay, and former CEO and President of First Republic Bank Michael Roffler testify in the first panel to the “U.S. House Financial Services Committee Subcommittee on Financial Institutions and Monetary Policy and Subcommittee on Oversight and Investigations” on bank failures at 10:00 a.m. ET on…
Cultural Shift in Federal Reserve Supervision Another Contributor to Banking Turmoil: House Panel
May 16, 2023
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Since the COVID-19 public health crisis, the Federal Reserve system has undergone a cultural shift in supervision, and this may have been another contributing factor to the turmoil in the banking system, a House committee heard. The House Financial Services Committee hosted a hearing on May 16. It featured testimony from Fed vice chair for…
LIVE 10 AM ET: Silicon Valley, Signature Bank Former Executives Testify on Failures to Senate Committee
May 16, 2023
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Silicon Valley Bank former CEO Gregory Becker, Signature Bank former chairman and co-founder Scott Shay, and Signature Bank former president Eric R. Howell testify on “Examining the Failures of Silicon Valley Bank and Signature Bank” at 10 a.m. ET on May 16 to the U.S. Senate Banking Committee. …
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