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The Latest Breaking News from Michael Barr

Fed’s Barr acknowledges oversight lapses before SVB failure

The Federal Reserve’s top bank regulator on Wednesday said that supervisors could have done more to keep tabs on Silicon Valley Bank before it collapsed earlier this month.

Tribune News Service

GOP lawmakers accuse Fed of being lax before bank failure

Republican 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

The Independent UK

Key takeaways from the Senate’s bank failure hearing

Amid all the finger-pointing, Senators and speakers said more monitoring was needed in the banking sector.

Fortune

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Fed official says banking rules are under review in the wake of SVB failure

Michael Barr, the nation’s top banking regulator, said Silicon Valley Bank was warned in the fall of 2021 that its interest rate model was not ‘aligned with reality.’

Chicago Sun-Times

Senate committee questions federal regulators over US bank crisis

Tuesday marked the US Senate’s first public hearing into the collapse of Silicon Valley Bank in early March.

Al Jazeera

ASX closes higher as inflation falls for second month, US regulator slams Silicon Valley Bank for 'terrible' risk management

The Australian share market has closed higher for its third day in a row, while the ABS's latest inflation data shows cost-of-living pressure are easing, which may strengthen the case for the Reserve Bank to keep interest rates on hold next week.

ABC News

5 things we learned from the Senate hearing on the Silicon Valley Bank collapse

A top federal regulator called the failure of Silicon Valley Bank a "textbook case of bank mismanagement" during a Senate hearing about what led to its spectacular collapse

WEKU

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Banking System Is Sound, Regulators Say In The Face Of Flurry Of Questions From Senate Banking Committee

Regulators faced the U.S. Senate Committee in the collapse of Silicon Valley Bank and Signature Bank as the banks to address risk

Zenger

US officials signal new rules for banks after SVB, Signature failures

Top U.S. financial officials on Tuesday outlined what’s likely to be the biggest regulatory overhaul of the banking sector in years, in an initiative aimed at addressing underlying issues that contributed to the collapse of Silicon Valley Bank and other U.S. regional lenders.

Tribune News Service

The huge question created by SVB's failure

A huge open question is not whether bank supervisors can identify problems but what ought to happen when they do.

Axios

Watch live as Senate committee holds hearing on Silicon Valley Bank collapse

Watch live as a US Senate committee holds a hearing on the collapse of Silicon Valley Bank.

The Independent UK

Fed official: SVB itself was main cause of bank's failure

The 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

The Independent UK

Fed official: Regulators will ensure all deposits are 'safe'

The nation’s top financial regulator pledged that the Federal Reserve and other agencies will take whatever steps they deem necessary to protect depositors and the banking system two weeks after two large bank collapses triggered financial turmoil in the United States and Europe

The Independent UK

Top Fed official: Silicon Valley Bank was "textbook case of mismanagement"

A congressional hearing on Silicon Valley Bank’s failure will begin on Tuesday.

Axios

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WEKU

The Fed raises interest rates again despite the stress hitting the banking system

The Federal Reserve raised its benchmark interest rate by a quarter percentage-point in an effort to curb high inflation. Some had called for the Fed to wait after two recent bank failures.

The Independent UK

Fed, under criticism for bank failure, faces tough decisions

The 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

Reason

How the Fed Broke Silicon Valley Bank

The Fed's anti-inflation measures had to hurt someone.

Irish Mirror

Family of feud shooting victim Michael Barr told Daniel Kinahan where to stick his 'blood money' compensation offer

Strabane native Michael Barr was executed on the orders of the ruthless Kinahan cartel

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The Independent UK

Grounded planes, crashed cars and poisoned water: How faulty software has left society on the edge of disaster

Travel meltdowns at Southwest Airlines and the FAA have exposed how deeply we depend on outdated or unreliable computer systems. Yet as Io Dodds discovers, cancelled flights and ruined holidays are only the tip of the iceberg

The Independent UK

Grounded planes, crashed cars and poisoned water: How faulty software has left society on the edge of disaster

The Independent UK

Fed's top financial regulator urges 'guardrails' for crypto

The top U.S. banking regulator at the Federal Reserve is urging Congress to pass legislation that would impose regulation on crypto currencies

The Independent UK

Fed's Powell urges broader regulation for stablecoins

Federal Reserve Chair Jerome Powell said that stablecoins will need greater regulation as they become more widely used by consumers

Axios

Federal Reserve's new bank cop lays out regulatory agenda

Michael Barr signaled a consideration of more stringent requirements for Wall Street and tougher oversight of cryptocurrency activity.

The Independent UK

Fed tackles inflation with its most diverse leadership ever

When Diane Swonk first attended the Federal Reserve’s annual economic conference in Jackson Hole in the late 1990s, there was a happy hour for women who attended the event

Dublin Live

Father of slain Michael Barr says Kinahan thug should have gotten life sentence

Kinahan cartel thug Martin Aylmer was sentenced for his involvement in Noel Kirwan's murder

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