In the matter of the Silicon Valley Bank and Signature Bank failures, lawmakers must first gather the facts and determine what allowed both to occur rather than instantly pushing for new regulation, House Financial Services Committee Chairman Patrick McHenry (R-N.C.) said this week the ABA Washington Summit.
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There were “missed opportunities” to see what was happening with SVB’s balance sheet and to correct things before collapse, Waters said.
Federal regulators would provide similar protections for uninsured depositors at smaller banks as they did for Silicon Valley Bank and Signature Bank, if there is evidence the failures of those smaller banks would pose a larger contagion risk, Treasury Secretary Janet Yellen said this week.
Speaking virtually to the ABA Washington Summit today, Sen. Steve Daines (R-Mont.) defended S. 2155, the bipartisan regulatory reform law.
In a keynote address to bankers this morning at the 2023 ABA Washington Summit, ABA President and CEO Rob Nichols addressed the recent failures of Silicon Valley Bank and Signature Bank, urging the industry to remain calm and united in the face of what he called an “idiosyncratic liquidity disruption” at these institutions.
House Financial Services Committee Chairman Patrick McHenry (R-N.C.) and Senate Banking Committee Ranking Member Tim Scott (R-S.C.) called on the Federal Reserve to provide “a comprehensive timeline of events related to the Federal Reserve’s lending, supervisory, and examination activity for the last two years with regards to [Silicon Valley Bank] and/or Signature Bank.”
Following the failures of Silicon Valley Bank and Signature Bank earlier this month, the Biden administration called on Congress to expand the FDIC’s authority to claw back compensation from executives at failed banks, bar bank executives at failed banks from holding jobs in the banking industry and bring fines against executives of failed banks.
The U.S. banking system is sound and Americans can feel confident that their deposits will be there when they need them, Treasury Security Janet Yellen told lawmakers this week.
Following the closure of Silicon Valley Bank, a majority of Americans (70%) said they trust banks to do what is right, according to a new survey by Morning Consult.
Following the opening by the FDIC of two bridge banks, Silicon Valley Bridge Bank and Signature Bridge Bank, to assume the deposits and obligations of two failing banks, the agency this week confirmed that these institutions are operating as full-service banks.