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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-03-21T19:05:00
Treasury Secretary Janet Yellen said Tuesday federal regulators are willing to extend the same financial assistance—perhaps even extended deposit insurance—to mid-sized banks struggling to handle the fallout from the failures of Silicon Valley Bank (SVB) and Signature Bank.
Yellen, in remarks before the American Bankers Association, said similar intervention regulators offered the two failed banks “could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion.”
The Federal Deposit Insurance Corporation (FDIC) insured all $264 billion in combined deposits at SVB and Signature Bank, despite nearly 90 percent of the funds being in high-value accounts with balances above the agency’s $250,000 limit. The FDIC also offered loans to struggling banks to help them avoid selling off Treasury notes and mortgage-backed securities at a loss to fully fund withdrawal requests by depositors.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
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Full price one year membership with auto-renewal.
Membership $599
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2023-03-27T16:44:00Z By Aaron Nicodemus
The deposits and loans of the failed Silicon Valley Bank have been purchased by First Citizens Bank & Trust, although about $90 billion in securities and other assets will remain in receivership.
2023-03-23T00:21:00Z By Adrianne Appel
The stunning, rapid collapse of Silicon Valley Bank, fueled in its final days by droves of panicked depositors seeking funds, likely added to the chaos within the bank and ratcheted up the risk of fraud, according to legal experts.
2023-03-20T19:23:00Z By Kyle Brasseur
President Joe Biden is calling on Congress to “do more to hold senior bank executives accountable” since the market turmoil that has followed the collapses of Silicon Valley Bank and Signature Bank.
2024-11-14T20:36:00Z By Adrianne Appel
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
2024-07-31T15:31:00Z By Adrianne Appel
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
2024-07-24T17:54:00Z By Neil Hodge
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
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