State regulators today closed Republic First Bank, doing business under the Republic Bank brand, in Philadelphia, and appointed the FDIC as receiver. Lancaster, Pennsylvania-based Fulton Bank agreed to assume substantially all of the failed bank’s $4 billion in deposits and to purchase substantially all of its $6 billion in assets. The FDIC estimated that the failure—the first of 2024—will cost the Deposit Insurance Fund $667 million.
The Guiding and Establishing National Innovation for U.S. Stablecoins Act would establish procedures for institutions seeking licenses to issue stablecoins.
FDIC Acting Chairman Travis Hill said documents show the agency sent signals to banks that it would be extraordinarily difficult to move forward with crypto activities.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $98.4 billion in December, up $19.5 billion from $78.9 billion in November, revised.
House lawmakers introduced a proposed bill to expand chronic disease treatment options covered by high deductible health plans, such as for individuals with high blood pressure or asthma.
Plumas Bancorp in Reno, Nevada, has agreed to buy Cornerstone Community Bancorp in Red Bluff, California.
Sens. Bernie Sanders (I-Vt.) and Josh Hawley (R-Mo.) introduced legislation to cap credit card interest rates at 10%, as suggested by President Trump during his campaign for office.
