In the wake of the failure of several regional banks, lawmakers are furiously at work drafting new bills to give regulatory authorities more control over banks. But some experts say that bank regulators already had all the power they needed, but failed to use it effectively. “Every time we have a crisis on our hands,…
Bank Regulators Want New Powers to See What Many Say Should Have Been Obvious
June 24, 2023
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bank regulationBusiness & Marketseconomic policiesFDICFederal ReserveFirst Republic Bankpersonal financePolicies & Impactsregional banksSignature BankSVB CollapseUSUS News
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Are Your Bank Deposits Safe?
By Sandra Block and Anne Kates Smith From Kiplinger’s Personal Finance Since the Federal Deposit Insurance Corporation (FDIC) was created in 1933, no bank customer has lost a penny in insured deposits, even during the darkest days of the 2008-09 financial crisis. But that didn’t prevent some savers from breaking into a cold sweat in…
Supreme Court Overturns Lifetime Ban for Michigan Bank Executive
The Supreme Court unanimously reversed a lower court’s order that a banker be banned from the financial services industry for life on May 22. Harry C. Calcutt III was president and CEO of Traverse City, Michigan-based Northwestern Bank before it was purchased by a competitor. The government alleged Calcutt participated in improper lending practices that…
Senators Accuse Financial Regulators of Lack of Accountability, Competence
Sens. Tim Scott (R-S.C.) and Jon Tester (D-Mont.) grilled a panel of financial regulators on Thursday morning, with Scott going so far as to demand immediate dismissals at the Federal Reserve in response to the central bank’s failure to effectively regulate Silicon Valley Bank in view of its collapse. During the Senate Banking Committee hearing,…
Former Silicon Valley Bank CEO Apologizes for Bank’s Collapse in Senate Testimony
Former chief executive of Silicon Valley Bank (SVB) Greg Becker issued a public apology before a Senate committee on Tuesday. Becker expressed deep remorse for the devastating impact suffered by SVB’s employees, clients, and shareholders during the recent financial turmoil that led to the bank’s collapse. “I never envisioned myself or SVB being in this…
Big Banks to Pay Billions More in FDIC Fees After Bank Failures
Big banks in the United States will bear billions of dollars in extra fees to replenish a deposit insurance fund that was used to bail out banks in March, the Federal Deposit Insurance Corporation (FDIC) said on Thursday. The recent collapse of Silicon Valley Bank (SVB) and Signature Bank impacted the deposit insurance fund (DIF)…
Banks Face Billions in Extra FDIC Fees to Cover SVB, Signature Collapse
The nation’s largest banks could face billions in “special assessments” to recover the costs of bailing out uninsured depositors at Silicon Valley Bank and Signature Bank, the Federal Deposit Insurance Corporation (FDIC) proposed. In order to bail out SVB and Signature in March, the FDIC invoked the “systemic risk exception,” allowing it to cover all…
Banks Face Billions in Extra FDIC Fees to Cover SVB, Signature Collapses
The nation’s largest banks could face billions in “special assessments” to recover the costs of bailing out uninsured depositors at Silicon Valley Bank (SVB) and Signature Bank, the Federal Deposit Insurance Corp. (FDIC) has proposed. In order to bail out SVB and Signature in March, the FDIC invoked the “systemic risk exception,” allowing it to…
Where’s the Best Place to Park Your Savings?
Besides under the proverbial mattress, knowing where to keep your cash can be challenging. This is especially true with the latest bank failures. Of course, you want your money to earn interest, but you also need it to be safe. And there are numerous choices. When deciding to park your savings, it’s best to examine…
ANALYSIS: Why Short Sellers are Winning Big on Bets Against Bank Shares
May 5, 2023
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Business & MarketsCompaniesFDICFirst Republic BankMarketsPacWestpersonal financeSilicon Valley BankstocksWestern Alliance Bancorp
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News analysis Regulators seized First Republic Bank on May 1 and sold off its assets to JPMorgan Chase, wiping out the bank’s shareholders and making First Republic the third U.S. regional bank to fail this year. But while depositors have been made whole and bank stockholders suffer sudden, catastrophic losses, short sellers in bank shares…
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