Browsing: Bank failures


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.


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.


In an effort to enhance its ability to grant new limited purpose charters, the OCC is issuing a proposed rule that would address how the agency will handle receiverships for national banks not insured by the FDIC, such as trust banks and other special purpose charters.


In a joint letter with three other financial trade associations today, ABA responded to an FDIC proposal that would require banks with more than 2 million deposit accounts to collect extensive depositor information and develop systems that would allow the FDIC to close the bank and use the bank’s system to make deposit insurance determinations.

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