News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-05-12T16:58:00
The Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking regarding a special assessment on large banks to recover approximately $15.8 billion in losses attributable to the failures of Silicon Valley Bank (SVB) and Signature Bank.
The notice, issued Thursday, seeks comments on the agency’s plan to recover the losses to the Deposit Insurance Fund (DIF) in the aftermath of the failures of SVB on March 10 and Signature Bank on March 12. The FDIC and the Treasury Department invoked a statutory systemic risk exception that allowed the FDIC to take over both banks and protect all uninsured deposits, which are funds in accounts with more than $250,000.
The $15.8 billion in losses were a result of that decision to protect uninsured depositors, the FDIC said in a press release.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2023-05-01T15:51:00Z By Aaron Nicodemus
San Francisco-based First Republic Bank was closed by state and federal banking regulators over the weekend, then sold to JPMorgan Chase Bank. The failure is the second largest in U.S. banking history.
2023-04-28T21:04:00Z By Aaron Nicodemus
The Federal Reserve Board will likely recommend strengthening regulatory and supervisory procedures for mid-sized regional banks in the aftermath of the failure of Silicon Valley Bank.
2023-04-13T13:48:00Z By Aaron Nicodemus
The collapse of Silicon Valley Bank highlighted for the Federal Deposit Insurance Corporation some of the impediments to a quick bank sale, including failing to provide rapid access to quality financial data and lists of key employees.
2024-07-19T13:28:00Z By Neil Hodge
Within two weeks of gaining power, the U.K.’s newly elected Labor government has confirmed its intention to beef up the audit regulator and strengthen corporate governance.
2024-07-17T17:53:00Z By Ruth Prickett
The U.K. Financial Conduct Authority is revamping the London Stock Exchange rules, but more changes may be needed to achieve growth and attract initial public offers, experts said.
2024-07-09T14:16:00Z By Aaron Nicodemus
The Treasury Department’s Office of the Comptroller of the Currency proposed a rule that would extend requirements for recovery plans to all banks with at least $100 billion in assets.
Site powered by Webvision Cloud