In the wake of the collapse of California-based Silicon Valley Bank (SVB), Finance Minister Chrystia Freeland says Canada’s financial institutions are “stable and resilient.” Freeland made the comments in an official statement four days after U.S. regulators closed SVB following a bank run, during which depositors concerned about the bank’s solvency withdrew a total of billions of dollars…
Canada’s Financial Institutions ‘Stable And Resilient’ in Face of SVB Collapse, Says Freeland
SVB Crash Will Slam California State and Local Budgets
March 14, 2023
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Commentary We’re still early in the Silicon Valley Bank crisis. But one thing it will hurt is California’s state and local budgets. And not just in the short term, but the long term. Banking crises come and go. But what’s different this time is what was advanced by Shark Tank judge Kevin O’Leary and in…
Silicon Valley Bank Customers Stand in Line for Hours at Santa Clara Location
March 14, 2023
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SANTA CLARA, Calif.—Silicon Valley Bank (SVB) customers lined up for hours in front of the bank’s HQ location in Santa Clara on March 13 to access their funds. Depositors rushed to the bank after the Federal Deposit Insurance Corporation (FDIC) stated in a press release that all assets—both insured and uninsured—would be available for transfer…
Behind the Banking Crisis That Shook the Financial System
For the first time since the financial crisis of 2008–09, confidence in the U.S. banking system has eroded as three major banks shuttered in one week: Silvergate, Silicon Valley Bank (SVB), and Signature Bank. As experts brace for the next domino to fall in the unfolding turmoil, the federal government and the Federal Reserve are…
US Banking System Outlook Downgraded to ‘Negative’
March 14, 2023
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Credit ratings agency Moody’s Investors Service downgraded its outlook for the U.S. banking system on Tuesday after the rapid declines and collapses of Silicon Valley Bank, Signature Bank, and Silvergate Bank in recent days. The prominent ratings agency said it “changed to negative from stable our outlook on the U.S. banking system to reflect the…
What SVB Bank Collapse Means for Your Wallet
The lighting-fast collapse of Silicon Valley Bank—the second-biggest bank failure in U.S. history—is fueling questions among everyday savers and retail investors about possible impacts on their finances, even if they didn’t have any deposits at the failed bank. Last week’s meltdown of Silicon Valley Bank (SVB) and days later the collapse of Signature Bank (the…
Depositors of Failed Banks Should Not Be Bailed Out: Reagan Economic Advisor
March 14, 2023
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In the aftermath of two failed banks, the crypto-focused Signature Bank and the 16th largest U.S. depository Silicon Valley Bank (SVB), economists are questioning the role of the Federal Reserve in the banking crisis. Former economic advisor to President Reagan, Steve Hanke believes that the Fed’s contractionary policies have contributed to the current situation and…
Freeland Meets With Bank Regulator Head, BoC Following US Bank Collapse
Finance Minister Chrystia Freeland is assuring that Canada’s financial institutions are secure after meeting with the head of Canada’s bank regulator and the Bank of Canada. The meeting follows the closure of California-based Silicon Valley Bank by U.S. regulator on Friday, which also prompted Canada’s Office of the Superintendent of Financial Institutions (OSFI) to seize…
Moody’s Places Six US Banks on Review for Downgrade
March 14, 2023
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Credit ratings agency Moody’s has put six U.S. banks on review for downgrade, including First Republic Bank, which is one of the largest in the country—a decision that follows the collapse of two banks over the weekend. In addition to First Republic, the banks under Moody’s downgrade review include Comerica Inc, UMB Financial Corp., Zions…
Moody’s Places 6 US Banks on Review for Downgrade
March 14, 2023
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Business & MarketsComerica IncCompanieseconomyFirst Republic BankMoody'sSilicon Valley Bank CollapseUSUS NewsWestern Alliance Bancorp
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Credit ratings agency Moody’s has put six U.S. banks on review for downgrade, including First Republic Bank, which is one of the largest in the country—a decision that follows the collapse of two banks over the weekend. In addition to First Republic, the banks under Moody’s downgrade review include Comerica Inc, UMB Financial Corp., Zions…
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