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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 […]

  • Barney Frank was right about Signature Bank

    Mar 20, 2023 6:26 PM ET A person walks past a Signature Bank in New York City, March 20. Photo: sarah yenesel/Shutterstock We never thought we’d be writing that headline. But on Sunday, the Federal Deposit Insurance Corp. known that New York Community Bancorp‘s Flagstar Bank will fully acquire Signature Bank‘s cash deposits, except those […]

  • US stocks rise, but First Republic Bank slides

    In trading at 4pm ET, the Dow Jones Industrial Average added about 380 points, or 1.2%, and the S&P 500 was up 0.9%. The tech-focused Nasdaq Composite climbed 0.4%. The indices fell on Friday, but so far have remained relatively isolated from the banking crisis. Authorities have been trying to halt a dangerous drop in […]

  • 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 […]

  • Fed expressed concerns in 2019 about SVB risk management

    WASHINGTON — The Federal Reserve raised concerns about risk management at Silicon Valley Bank that began at least four years before its bankruptcy earlier this month, documents show. In January 2019, the Fed issued a warning to SVB SIVB -60.41% about its risk management systems, according to a presentation distributed last year to employees of […]

  • UBS closes deal to buy Credit Suisse for more than $2 billion

    Swiss authorities tried to finalize the deal on Sunday before Asian markets opened this week. They were walking a fine line, they had to get the boards of the two banks to agree to the deal and avoid the alternative, a regulator-led liquidation of Credit Suisse, which could prove longer and more painful for the […]

  • 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. […]

  • US threatens ban if TikTok’s Chinese owners don’t sell stakes

    WASHINGTON — The Biden administration is demanding that TikTok’s Chinese owners sell their shares in the video-sharing app or risk a potential U.S. ban on the app, according to people familiar with the matter. The move represents a major policy shift on the part of the government, which has come under fire from some Republicans […]

  • 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 […]