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 […]
