Browsing: Bank closures

Newsbytes Nichols: Deposit insurance changes must not create competitive disadvantages

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.

Newsbytes GOP lawmakers seek information from Fed on bank failure timeline

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.”

Newsbytes Biden, Waters call for stronger repercussions for execs of failed banks 

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.

Policy Biden emphasizes safety of banking system in speech

In a speech following the failures of Silicon Valley Bank and Signature Bank over the weekend, President Biden today said that Americans can have confidence that the banking system is safe and highlighted the decision of the Treasury Department, Federal Reserve and FDIC to guarantee the uninsured depositors at these banks.

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