JPMorgan Chase & Co will buy First Republic Bank after its was taken over by regulators, making the troubled regional lender the third major U.S. institution to fail since March this year. JPMorgan will “assume all deposits, including all uninsured deposits, and substantially all assets” of First Republic, the California Department of Financial Protection and … Read more
U.S officials are looking at ways to temporarily expand Federal Deposit Insurance Corp (FDIC) coverage to all deposits, Bloomberg News reported on Monday. U.S. Treasury Department staff are studying whether federal regulators have enough emergency authority to insure deposits above the current $250,000 cap on accounts without the consent of Congress, the report said, citing … Read more
State regulators closed New York-based Signature Bank on Sunday, making it the third largest failure in U.S. banking history. Signature’s failure followed Silicon Valley Bank‘s Friday shutdown, the second largest in U.S. history behind Washington Mutual, which collapsed during the 2008 financial crisis. The Federal Deposit Insurance Corporation (FDIC) took control of Signature, which had … Read more
Some financial industry executives and investors were growing increasingly concerned on Saturday that the collapse of Silicon Valley Bank could have a domino effect on other U.S. regional banks if regulators did not find a buyer over the weekend to protect uninsured deposits. Startup-focused lender SVB Financial Group became the largest bank to fail since … Read more
Federal Reserve Vice Chair of Supervision Randal Quarles said on Tuesday that US financial regulatory agencies are working together on addressing issues related to cryptocurrency. “We along with the OCC and the FDIC are engaged right now in what we are calling a sprint in seeking to pull together views on exactly that” including discussions … Read more