Browsing: Bank closures

Newsbytes ABA urges relief from new tax on failed bank purchasers

A new tax created by the passage of the Inflation Reduction Act in 2022 could discourage mid-sized financial institutions from acquiring the assets of banks under receivership by the FDIC, AVA said in a letter to the Treasury Department and IRS.

Newsbytes Fed’s Barr: Bank failures may prompt reexamination of liquidity requirements

The speed at which deposits left Silicon Valley Bank and Signature Bank, as well as concerns regarding banks’ ability to monetize their liquidity buffers, suggest that it may be necessary to reexamine requirements regarding self-insurance standards and discount window preparedness, Federal Reserve Vice Chairman for Supervision Michael Barr said.

Newsbytes Watchdog finds problems with FDIC large bank alternative liquidation program

In the more than 12 years since the FDIC was given the authority to liquidate systematically important financial intuitions when they pose a systemic risk that cannot be addressed via a bankruptcy proceeding, the agency has not maintained a consistent focus on maturing the program nor has it fully established key elements to execute its responsibilities, the FDIC Office of Inspector General concluded.

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