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The Latest Breaking News from Signature Bank

Here are the AP’s latest coverage plans, top stories and promotable content. All times EDT. For up-to-the minute information on AP’s coverage, visit Coverage Plan.

The Independent UK

New York Community Bank agrees to buy a large portion of Signature Bank

The 40 branches of Signature Bank will become Flagstar Bank, starting Monday. Flagstar is one of New York Community Bank's subsidiaries.

WEKU

US sees bank deposits stabilise even as some regional banks reel

Deposits in the country’s banking system are stabilising, Reuters reported citing unnamed US official.

Al Jazeera

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Asian stocks sink after Credit Suisse takeover

Asian stock markets are lower after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis ahead of a Federal Reserve meeting to decide on more possible interest rate hikes

The Independent UK

New York Community Bank to buy large part of failed Signature Bank, US agency says

New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday.

France 24

New York Community Bank to buy failed Signature Bank

New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday

The Independent UK

New York Community Bancorp to take over failed Signature Bank

Signature was one of 2 bank failures that threatened to kick off a broader crisis of confidence in the U.S. banking system

Axios

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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

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

Credit Suisse Meets to Weigh Options, under Pressure to Merge with UBS

Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS AG. Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings over the weekend to assess…

Asharq Al-Awsat

Regional banks safe from US contagion

Asia-Pacific banks are resilient to risks related to the failures of their US peers, says Fitch Ratings, noting that regional banks have limited direct exposure to Silicon Valley Bank (SVB) and Signature Bank.

Bangkok Post

The collapse of major US banks leads to bills calling for more regulation

When Silicon Valley and Signature banks failed in early March 2023, government regulators rushed in to guarantee deposits and protect bank customers. Under current banking regulations, though, there was no obligation for the government to step in.

The Conversation

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

Credit Suisse shares continue to fall despite efforts to calm nerves

Lifelines handed to Swiss bank and US regional bank First Republic fail to ease investor concerns

The Guardian - UK

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WEKU

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.

Axios

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.

Roll Call

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.

Fortune

Big banks came to First Republic's rescue, but changing the 'psychology of depositors' may not be easy

“Founders are pretty confused at [the] moment” one venture investor said.

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Tribune News Service

Martin Schram: Biden is having too many Casey Stengel days

You are sitting at your desk in the world’s most famous workplace. Day after day, you are feeling like your supremely skilled experts somehow just managed to paint you into yet another corner in your unique Oval Office.

St. Louis Post-Dispatch

Editorial: The ghosts of 2007. Why learn from history when repeating it is so much fun?

Back in 2017, when Congress and the Trump administration were pushing a bill to weaken hard-fought banking regulations, we warned that they were playing with fire. Barely a decade had passed since the 2007-2008 economic meltdown. Blatant abuses in the financial industry had more than merited the tough banking regulations…

Axios

Fed's emergency bank lending soars to new record

The report sheds light on banks' demand for short-term cash in the early days of the fallout from the Silicon Valley Bank crisis.

The Independent UK

Big US banks benefit from surge in deposits after SVB and Signature Bank collapses

Though some consumers have pulled their money out of smaller banks, a Treasury official said those withdrawls have slowed

The Independent UK

Experts, banks look for ideas to stop next bank failure

The warning signs were all there

ABC News

What happened with Credit Suisse, is it connected to Silicon Valley Bank, and what does it mean for Australia?

Global financial markets are on edge after Credit Suisse shed nearly a quarter of its value on the stock market. How did it happen, is it related to Silicon Valley Bank's collapse, and could Australian banks be impacted?

Tribune News Service

Elizabeth Warren slams Powell for weak regulation, oversight of SVB

Senator Elizabeth Warren blasted Federal Reserve Chair Jerome Powell for “an astonishing list of failures” that contributed to the collapse of Silicon Valley Bank and Signature Bank in a letter to the Fed chief Wednesday.

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