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The Latest Breaking News from FDIC

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

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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

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

The Independent UK

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.

Fortune

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.

Chicago Sun-Times

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

EDITORS/NEWS DIRECTORS:

The Independent UK

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.

Axios

Experts, banks look for ideas to stop next bank failure

The warning signs were all there

The Independent UK

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

Zenger

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.

Fortune

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.

The Conversation

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.

Fortune

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The Independent UK

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

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

Fortune

The real victims of SVB aren't the tech elite: Hardworking business owners share their horror stories of the bank's collapse

The Silicon Valley Bank bailout was not about solving a “1% problem.”

Fortune

Thinking of getting a money market account? Consider these pros and cons

When saving money, picking the right account for your financial goals is crucial for building wealth.

Chicago Sun-Times

Is my money safe in the wake of two big bank failures? A consumer guide to what you need to know.

Is there any reason to be worried about bank failures after the government-ordered closings of Silicon Valley Bank and Signature Bank? And what can you do to protect yourself?

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news in one place.

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One news app.

The Independent UK

Bank runs used to be slow. The digital era sped them up

What made the failure of Silicon Valley Bank unique compared to past failures of large banks was how quickly it collapsed

Axios

Silicon Valley is working with Wall Street to buy some SVB assets

The big buzz is about Apollo's talks with venture capital firms.

Tribune News Service

‘A huge disruption’: Startups worldwide gird for life after SVB

Quang Hoang, the co-founder of a startup called Birdly Inc., spent his Monday refreshing the website of Silicon Valley Bank every hour. His San Francisco-based mentoring startup had about $10 million deposited with the now-failed financial institution, patronized by a large portion of the country’s most promising tech companies. But…

Zenger

Robert Kiyosaki Is Predicting The Next Bank Seeing The Same Fate As It Happened To Lehman Brothers

Investor and entrepreneur Robert Kiyosaki made a new prediction for the banking sector that could possibly hit as this year

Fortune

VCs helped bring down SVB. The bank's new CEO wants them to save it

SVB’s new CEO held calls with clients to lay out potential outcomes.

Los Angeles Times

Commentary: Beyond saving Silicon Valley Bank’s depositors, here’s what needs to happen next

Before Thursday, Silicon Valley Bank was regarded as being in “sound financial condition.” But on that day it experienced attempted withdrawals of $42 billion, about a third of its U.S. deposits. By close of business, the run on the bank made it incapable of paying its obligations as they came…

The Independent UK

Washington reacts on the fly to Silicon Valley Bank failure

After 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

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