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Banc of California to buy troubled PacWest Bancorp, which came close to failing earlier this year
Read full article: Banc of California to buy troubled PacWest Bancorp, which came close to failing earlier this yearThe Banc of California has agreed to buy PacWest Bancorp in an all-stock transaction, bringing an end to months of speculation about whether PacWest could survive on its own after the failures of three other regional banks this spring.
Federal Reserve may tighten financial rules after US bank failures, Powell says
Read full article: Federal Reserve may tighten financial rules after US bank failures, Powell saysFederal Reserve Chair Jerome Powell says the central bank may have to tighten its oversight of the American financial system after the failure of three large U.S. banks this spring.
The largest US banks would survive a severe recession, the Fed's 'stress tests' show
Read full article: The largest US banks would survive a severe recession, the Fed's 'stress tests' showThe nation’s 23 largest banks passed the Federal Reserve’s so-called stress tests this year, a sign that the nation’s banking system remains resilient despite the recent banking crisis that that led to the failure of three banks.
Fed's Powell: More rate hikes are likely this year to fight still-high inflation
Read full article: Fed's Powell: More rate hikes are likely this year to fight still-high inflationWith inflation in the United States still too high, most Federal Reserve officials expect to raise interest rates further this year, Chair Jerome Powell said in prepared testimony to be delivered to a House committee.
Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns
Read full article: Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warnsCustomers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds may not be covered by deposit insurance.
Bank execs blame panicked depositors for Silicon Valley, Signature failures, but senators blame them
Read full article: Bank execs blame panicked depositors for Silicon Valley, Signature failures, but senators blame themTop executives at Silicon Valley Bank and Signature Bank largely avoided taking responsibility for their banks’ dramatic failures at a Senate hearing Tuesday, instead using their time to assign blame to events they said were largely out of their control.
Fed faults Silicon Valley Bank execs, itself in bank failure
Read full article: Fed faults Silicon Valley Bank execs, itself in bank failureThe Federal Reserve blamed last month’s collapse of Silicon Valley Bank on poor management, watered-down regulations and lax oversight by its own staffers, and said the industry needs stricter policing on multiple fronts to prevent future bank failures.
First Republic Bank stock plunges as depositors flee
Read full article: First Republic Bank stock plunges as depositors fleeFirst Republic Bank’s stock plunged Tuesday after it said depositors withdrew more than $100 billion during last month’s crisis, with fears swirling that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.
Central banks end crisis offer as bank system fears ease
Read full article: Central banks end crisis offer as bank system fears easeMajor central banks are standing down from their offer of daily emergency dollar loans to banks, a crisis step launched after the collapse of Silicon Valley Bank in the U.S. fed fears about the stability of the global financial system.
Dimon: Bank rules should change after Silicon Valley Bank
Read full article: Dimon: Bank rules should change after Silicon Valley BankJPMorgan’s Jamie Dimon told investors Tuesday that government and banks should work to adjust industry regulations following the collapse of Silicon Valley Bank and Signature Bank last month.
GOP lawmakers accuse Fed of being lax before bank failure
Read full article: GOP lawmakers accuse Fed of being lax before bank failureRepublican lawmakers accused top bank regulators of dawdling as Silicon Valley Bank hurtled toward the second-largest bank failure in U.S. history and questioned whether tougher regulations would have made a difference.
Small businesses weigh banking options amid bank turmoil
Read full article: Small businesses weigh banking options amid bank turmoilThe recent banking turmoil has been a jolt for small businesses of all stripes, spurring many to scrutinize their banking services and mull whether or not they should make changes.
Fed official: Bank rules under review in wake of SVB failure
Read full article: Fed official: Bank rules under review in wake of SVB failureThe Federal Reserve’s bank supervisors warned Silicon Valley Bank’s management as early as the fall of 2021 of risks stemming from its unusual business model, a top Fed official said Tuesday, but its managers failed to take the steps necessary to fix the problems.
Fed official: SVB itself was main cause of bank's failure
Read full article: Fed official: SVB itself was main cause of bank's failureThe nation’s top financial regulator is asserting that Silicon Valley Bank’s own management was largely to blame for the bank’s failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse.
Deal to buy Silicon Valley Bank calms bank fears, for now
Read full article: Deal to buy Silicon Valley Bank calms bank fears, for nowFirst Citizens will acquire much of Silicon Valley Bank, the tech-focused financial institution whose lightning-quick failure this month set off a chain reaction that rattled faith in banks around the world.
Bank failures and rescue test Yellen's decades of experience
Read full article: Bank failures and rescue test Yellen's decades of experienceTreasury Secretary Janet Yellen worked against the clock with other regulators, lawmakers and business leaders to come up with a plan that would prevent a full blown banking crisis.
Deutsche Bank shares drop amid global jitters over banks
Read full article: Deutsche Bank shares drop amid global jitters over banksShares in Deutsche Bank, Germany’s largest lender, have fallen sharply and dragged down major European banks as fears about the global financial system send fresh shudders through the market.
Fed's unwanted ally in bid to tame inflation: Credit crunch
Read full article: Fed's unwanted ally in bid to tame inflation: Credit crunchThe Federal Reserve is getting some unwanted help in its drive to slow the U.S. economy and defeat the worst bout of inflation in four decades: A cutback in bank lending.
Lawmakers tell ex-CEOs 'you must answer' for bank failures
Read full article: Lawmakers tell ex-CEOs 'you must answer' for bank failuresLeaders of the Senate’s banking committee are telling former chief executive officers at the failed Silicon Valley Bank and Signature Bank they “must answer” for their banks' "downfall.”.
Fed raises key rate by quarter-point despite bank turmoil
Read full article: Fed raises key rate by quarter-point despite bank turmoilThe Federal Reserve extended its year-long fight against high inflation by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system.
First Republic Bank shares slide in volatile trading session
Read full article: First Republic Bank shares slide in volatile trading sessionShares of First Republic Bank fell another 47% Monday as investors remain uneasy about the bank’s financial condition even after a group of the nation’s largest financial institutions teamed up on a $30 billion rescue package.
Silicon Valley Bank collapse concerns founders of color
Read full article: Silicon Valley Bank collapse concerns founders of colorWhile Wall Street works to contain the biggest American bank failure since the 2008 financial meltdown, founders of startups who are people of color worry it could become even harder to secure financial support.
Biden calls for tougher penalties for execs of failed banks
Read full article: Biden calls for tougher penalties for execs of failed banksPresident Joe Biden is calling on Congress to allow regulators to impose tougher penalties on the executives of failed banks, including clawing back compensation and making it easier to bar them from working in the industry.
Near 'cliff's edge,' Credit Suisse not seen as systemic risk
Read full article: Near 'cliff's edge,' Credit Suisse not seen as systemic riskLongtime troubles at Credit Suisse have come to a head this week with a record stock plunge that spread fears of a banking crisis jumping from the U.S. to Europe.
Asian shares up after First Republic aid spurs Wall St rally
Read full article: Asian shares up after First Republic aid spurs Wall St rallyShares have advanced in Asia, tracking a rally on Wall Street after a group of big banks offered a lifeline to First Republic Bank, the lender investors had focused on in their hunt for troubles in the banking industry.
Europe's central bank backs big rate hike despite bank chaos
Read full article: Europe's central bank backs big rate hike despite bank chaosThe European Central Bank has carried through with a large interest rate increase, brushing aside predictions it might dial back as U.S. bank collapses and troubles at Credit Suisse feed fears about the impact of higher rates on the global banking system.
How Washington came to rescue US banks
Read full article: How Washington came to rescue US banksAfter a frenetic weekend of round-the-clock briefings, U.S. policymakers took the audacious step of guaranteeing all the deposits of the failed Silicon Valley Bank — even those exceeding the Federal Deposit Insurance Corporation's $250,000 limit.
Fed criticized for missing red flags before bank collapse
Read full article: Fed criticized for missing red flags before bank collapseThe Federal Reserve is facing stinging criticism for missing what observers say were clear signs that Silicon Valley Bank was at high risk of collapsing into what became the second-largest bank failure in U.S. history.
Class action suit filed against Silicon Valley Bank parent
Read full article: Class action suit filed against Silicon Valley Bank parentA class action lawsuit is being filed against the parent company of Silicon Valley Bank, its CEO and its chief financial officer, saying that company didn’t disclose the risks that future interest rate increases would have on its business.
Local finance experts explain impact of Silicon Valley Bank, Signature Bank closures
Read full article: Local finance experts explain impact of Silicon Valley Bank, Signature Bank closuresFears over the closures of Silicon Valley Bank in California and Signature Bank in New York felt across the country
Will the government’s moves to stabilize banks work?
Read full article: Will the government’s moves to stabilize banks work?Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe.
ASK 10: Have any questions on how the recent bank failures could affect you? Let us know!
Read full article: ASK 10: Have any questions on how the recent bank failures could affect you? Let us know!After the swift collapse of two banks, many Americans are riddled with fear, wondering if they will be affected.
Government races to reassure US that banking system is safe
Read full article: Government races to reassure US that banking system is safeDepositors withdrew savings, and investors broadly sold off bank shares as the federal government raced to reassure Americans that the banking system is secure following two bank failures.
US government moves to stop potential banking crisis
Read full article: US government moves to stop potential banking crisisThe U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring depositors at the failed financial institution that they would be able to access all of their money quickly.
A major bank failed. Here’s why it’s not 2008 again
Read full article: A major bank failed. Here’s why it’s not 2008 againThe financial institution best known for its relationships with high-flying world technology startups and venture capital, Silicon Valley Bank, experienced one of the oldest problems in banking — a bank run — which led to its failure on Friday.
One of Silicon Valley's top banks fails; assets are seized
Read full article: One of Silicon Valley's top banks fails; assets are seizedRegulators have seized the assets of one of Silicon Valley’s top banks, marking the largest failure of a U.S. financial institution since the height of the financial crisis almost 15 years ago.
Stocks tumble as Wall Street wonders what will break next
Read full article: Stocks tumble as Wall Street wonders what will break nextFear rattled Wall Street Friday, and stocks tumbled on worries about what’s next to break under the weight of rising interest rates following the biggest U.S. bank failure in nearly 15 years.