JPMorgan Chase to assume deposits, acquire assets of First Republic Bank
First Republic Bank in San Francisco was closed May 1 by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver.
First Republic Bank in San Francisco was closed May 1 by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver.
Federal Reserve supervisors did not fully appreciate the extent of the vulnerabilities as Silicon Valley Bank grew in size and complexity, and the bank experienced “a textbook case of mismanagement,” Federal Reserve Vice Chairman for Supervision Michael Barr said in his long-awaited report on the institution’s failure.
House Oversight and Accountability Committee leaders wrote to San Francisco Federal Reserve Bank President and CEO Mary Daly requesting documents and information related to the oversight of Silicon Valley Bank.
A debt collector who brings or threatens to bring a state court foreclosure action to collect a time-barred mortgage debt may be violating federal law, the CFPB said in an advisory opinion.
The American Bankers Association today shared its views on legislation currently before the House Financial Services Committee for markup, including several bills on Consumer Financial Protection Bureau reform
House Small Business Committee Chairman Roger Williams (R-Texas)—joined by subcommittee chairmen—said they were “gravely concerned” with the Small Business Administration’s ability to handle its expanded responsibility to oversee the 7(a) program in light of the agency’s “failures under the COVID lending programs.”
Credit cards are a safe, accessible and affordable form of consumer credit, but that could be at risk if CFPB and Congress impose imprudent regulations, according to a letter sent to CFPB yesterday by ABA and two banking and credit union associations.
In a new report, the Treasury Department recommended that the federal government take several steps mitigate derisking by financial instructions, including possible regulation.
The credit union regulator’s recent Wall Street field trip for CUs undercuts arguments for special tax privileges.
The U.S. banking system remains the deepest and most resilient in the world, ABA and 51 state bankers associations said in a letter to congressional leaders.