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The Latest Breaking News from FDIC

Warren says she favors increasing FDIC’s deposit insurance cap

WASHINGTON — Sen. Elizabeth Warren is calling for more U.S. deposits to be covered by federal insurance and demanding government probes into whether lax regulation fueled this month’s collapse of Silicon Valley Bank and Signature Bank.

Tribune News Service

Trusting Fintech: Four Critical Moves to Protect Yourself

A few relatively easy steps can help you safeguard your money when using bank and budgeting apps and other financial technology.

Kiplinger

Midsize banks want unlimited FDIC insurance for 2 years

A coalition of midsize U.S. banks is reportedly calling on the government to insure all deposits for the next two years.

Axios

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Midsize US banks ask FDIC to insure deposits for two years

A coalition of midsize U.S. banks asked federal regulators to extend FDIC insurance to all deposits for the next two years, arguing the guarantee is needed to avoid a wider run on the banks.

Tribune News Service

Bank failures: Anger in Congress, but division on what to do

Congress is trying to figure out how best to respond to the abrupt failure of two U.S. banks

The Independent UK

Who will bid for SVB?

The FDIC is still trying to sell the bank, which is having trouble finding a buyer.

Fortune

Biden seeks FDIC authority to claw back bankers’ compensation

WASHINGTON — President Joe Biden on Friday urged Congress to pass legislation that would give the Federal Deposit Insurance Corporation authority to “claw back” executive pay at failed banks and to bar the executives from jobs in the banking industry.

Tribune News Service

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Will the collapse of two US banks be followed by more? These banking veterans say no, for now

The sudden collapse of two U.S. banks last week left many people wondering about the safety of their own deposits, the health of the banking system and consequences down the road.

Tribune News Service

Biden wants Congress to boost penalties for executives when mid-sized banks fail

President Biden said the current law limits his administration's power to hold executives responsible when mid-sized banks fail due to mismanagement.

WEKU

Biden calls for tougher penalties for failed bank execs

President 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

The Independent UK

Biden to Congress: Ban execs of failed banks from the industry

Silicon Valley Bank and Signature Bank were both taken over by the FDIC in the last week.

Axios

Silicon Valley Bank’s parent company files for bankruptcy following sudden collapse

SVB Financial Group is filing for Chapter 11 bankruptcy protection

The Independent UK

Biden seeks FDIC authority to claw back bankers' compensation - Roll Call

President Biden asked Congress for FDIC authority to claw back compensation from executives at failed banks, and bar them from the industry.

Roll Call

SVB's disgraced ex-CEO is now holidaying in Hawaii

Becker was pictured sporting flip-flops and sunglasses in Hawaii as SVB's new CEO sought to reassure clients.

Fortune

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The Independent UK

Will Americans end up footing the bill for bank failures?

The government’s response to the failure of two large banks has already involved hundreds of billions of dollars

Fortune

SVB, First Republic CEOs involved in lobbying pre-banking crisis

In late January, First Republic Bank's CEO wrote to U.S. regulators saying his bank did not pose signficant risk to the U.S.'s financial stability.

Chicago Sun-Times

Big banks create $30 billion rescue package for troubled First Republic Bank

The uninsured deposits from 11 big banks into First Republic Bank are seen as a vote of confidence in the San Francisco-based firm with $176.4 billion in deposits.

The Independent UK

LOCALIZE IT: Banks and our money after 2 rapid-fire failures

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Axios

First Republic gets new rescue as fears percolate

Inflationary pressures are boosting rates, which in turn are exposing cracks in the foundation of the global financial system.

The Independent UK

Experts, banks look for ideas to stop next bank failure

The warning signs were all there

Zenger

The DOJ And The SEC Probing The Investigations Of The Collapse Of Silicon Valley Bank

The investigation of the failure of Silicon Valley Bank involve shares that sold and bonds that were bought by the bank

Fortune

FDIC wants buyer of Signature Bank to give up crypto business, report says

The failed New York-based bank was a popular option among crypto firms.

The Conversation

US regulators avoided a banking crisis by swift action following SVB's collapse – but the cracks it exposed continue to weaken the global financial system's foundation

U.S. regulators’ swift reaction to the collapse of Silicon Valley Bank and two other lenders partially restored calm to markets, but concerns remain over the stability of the global financial system.

Fortune

SVB Bridge Bank CEO to clients: 'Give us a chance'

Following a crisis, Tim Mayopoulos has to evaluate the management team and build trust with clients.

The Independent UK

NY bank's demise: Contagion or a problem with the business?

A New York-based bank's demise was stunningly fast

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