Tag: government policy
-
Silicon Valley Bank’s former parent company says FDIC seized about $2 billion in cash
Silicon Valley Bank’s former parent company cannot access about $2 billion it deposited with the bankrupt bank after regulators froze the company’s accounts and are investigating whether it should bear costs related to the bank’s bankruptcy . Lawyers for SVB Financial Group, the holding company that formerly controlled the now-defunct bank, alleged Tuesday at the […]
-
What the Fed’s next move means for mortgages, loans and credit cards
The bar Americans must clear to get approved for loans and credit cards is likely to rise along with interest rates, due in part to the fallout from the collapse of Silicon Valley Bank. The Federal Reserve is expected to raise rates again on Wednesday, though some economists say it could go on hiatus this […]
-
Senator Elizabeth Warren is calling for an independent inquiry into the Fed’s banking regulations
Published: March 19, 2023 at 7:05 PM ET Senator Elizabeth Warren is calling for an independent investigation into the Federal Reserve and “the entire regulatory system” following the banking sector’s worst crisis in more than a decade. On Sunday, the Massachusetts Democrat told ABC News’ This Week that the chaos of the past few weeks […]
-
SVB Financial Files for Chapter 11 Bankruptcy Protection
Silicon Valley Bank’s parent company filed for bankruptcy, facilitating the sale of its remaining assets after the technology-focused bank at its core was seized by federal regulators. SVB Financial Group filed for Chapter 11 protection in New York bankruptcy court on Friday, the largest bankruptcy filing due to a bank failure since Washington Mutual Inc. […]
-
Swiss regulators to provide liquidity to Credit Suisse
Swiss regulators said they would provide liquidity to the Credit Suisse Group AG providing a lifeline to the lender who is hard hit by concerns about his financial health. Before the regulator’s announcement, shares of the Swiss bank had fallen 24% to a new low. Prices of its bonds fell to distressing levels, indicating that […]