Citigroup on Monday downgraded U.S. stocks in anticipation of a pullback in growth stocks and as well anticipating a recession in the fourth quarter of the year. The brokerage cut its rating on U.S. stocks to “neutral” from “overweight.” Bankrupt SVB Financial Group has sued the U.S. Federal Deposit Insurance Corp to recover the $1.93 […]
During a Senate Banking Committee hearing on Tuesday, senators denounced the actions of Silicon Valley Bank (SVB) CEO Greg Becker, who has been accused of distributing bonuses and selling stock in the bank shortly before its collapse. “In 2022, in particular, you [Becker] paid yourself a $1.5 million cash bonus even as the value of […]
Former chief executive of Silicon Valley Bank (SVB) Greg Becker issued a public apology before a Senate committee on Tuesday. Becker expressed deep remorse for the devastating impact suffered by SVB’s employees, clients, and shareholders during the recent financial turmoil that led to the bank’s collapse. “I never envisioned myself or SVB being in this […]
Sen. Andy Barr (R-Ky.) questioned the Federal Reserve’s vice chair for supervision, Michael S. Barr, on the role the Fed had in the collapse of Silicon Valley Bank at a House Financial Services Committee hearing on Wednesday.
Federal Deposit Insurance Corporation Chairman of the Board of Directors Martin Gruenberg; Federal Reserve Board of Governors Vice Chair for Supervision Michael Barr; and Under Secretary of the Treasury for Domestic Finance Nellie Liang testify at the U.S. House Financial Services Committee’s hearing on The Federal Regulators’ Response to Recent Bank Failures at 10:00 a.m. ET on […]
The failure of Silicon Valley Bank (SVB) was driven by a “textbook case of mismanagement,” Federal Reserve vice chair of supervision Michael Barr told a Senate hearing. Appearing before the Senate Banking, Housing, and Urban Affairs on Tuesday, Barr diagnosed the driving force behind the financial institution’s collapse. “SVB’s failure is a textbook case of […]
Sen. John Kennedy (R-La.) and Federal Reserve Vice Chair Michael Barr discussed why the Fed did not properly detect—or test for—the financial issues leading to Silicon Valley Bank’s collapse during a Senate committee hearing on Tuesday.
Following Silicon Valley Bank’s collapse earlier this month, another bank now plans to buy its assets. Seventeen former Silicon Valley Bank branch locations reopened on March 27 under a new name. San Francisco’s non-citizen voting proposition is being challenged in the courts again. An attorney recently filed an amicus brief, stating the city ordinance is […]
A buyer has been found for failed lender Silicon Valley Bank (SVB), with 17 former branches opening under First Citizens Bank on Monday, the Federal Deposit Insurance Corporation (FDIC) has announced. The FDIC said in a statement Sunday that it has entered into an agreement with the Raleigh, North Carolina-based First Citizens Bank to purchase all […]
Deposits at America’s small banks fell by a record amount in the week ending March 15 as the collapse of Silicon Valley Bank (SVB) spooked depositors and led many to withdraw their savings. Data from the Federal Reserve shows that deposits at small banks—defined as those smaller than the biggest 25—dropped $119 billion to $5.46 trillion, […]
The collapse of Silicon Valley Bank (SVB) will have an impact on small businesses, particularly those owned by Latinos, according to the United States Hispanic Business Council. Founder and CEO Javier Palomarez told NTD the failure of SVB and Signature Bank has made an already difficult time for new ventures grow “much more tenuous.”
Sheila Bair, former chair of the Federal Deposit Insurance Corporation (FDIC), has criticized the Biden administration’s decision to guarantee all deposits at the failed Silicon Valley Bank (SVB), labeling it an “overreaction.” Bair said during a recent appearance on “The Washington Post Live” series that insuring all deposits at SVB and at the failed Signature […]
President Joe Biden on Monday vetoed a bill that aimed to push back against environmental, social, and governance (ESG) investments. Rep. Mike Flood (R-Fla.) spoke with NTD about the ESG movement and critics’ concerns.
California’s state lawmakers are asking the governor to recuse himself from the bailout process for Silicon Valley Bank, since he and his wife are clients of the bank. State lawmakers and the governor are still in disagreement over whether to penalize the oil industry for windfall profits. Now the governor is proposing to let the […]
A new study identifies 186 more banks are at risk of a Silicon Valley Bank-style collapse. Meanwhile, Sen. Elizabeth Warren (D-Mass.) is calling for an independent probe into the recent failures of Silicon Valley Bank and more regulation. Former President Donald Trump called for protests over the weekend, saying he’s expecting to be arrested on […]
Congress will hold its first bipartisan hearing with top federal financial regulators into the failure of Silicon Valley Bank (SVB) and Signature Bank at the end of the month, the House Financial Services Committee announced Friday. Martin Gruenberg, chairman of banking regulator the Federal Deposit Insurance Corporation (FDIC), and Michael Barr, vice chair for supervision […]
Following the recent bank collapse, Silicon Valley Bank’s parent company filed for bankruptcy protection. But another bank in a similar situation has 11 larger banks rescuing it. Southern California’s Orange County announced a ban on the social media app TikTok, saying the app poses a national security risk. Meanwhile, in Northern California, San Mateo County […]
Silicon Valley Bank’s collapse is rippling into China. Thousands of Chinese companies are listed among the bank’s clients—with over $240 million in assets on the line—and 57 are on a special list belonging to the Chinese Communist Party. Those same companies fall under the “foreign depositors” category that the United States is set to protect. […]
A week after the second largest bank collapse in U.S. history, Treasury Secretary Janet Yellen testified before the Senate. She says Americans can feel confident in the banking system, but some lawmakers aren’t buying it. In a drastic escalation, the Biden administration threatens to ban TikTok if its Chinese owners don’t sell their shares. This […]
