Mar 17 Parent of Silicon Valley Bank files for bankruptcy protection By Michelle Chapman, Associated Press SVB Financial Group is filing for Chapter 11 bankruptcy protection. SVB Financial Group is no longer affiliated with Silicon Valley Bank or the bank’s private banking and wealth management business, SVB Private. Continue reading
Mar 16 Federal Reserve lent $300 billion in emergency funds to banks in the past week By Christopher Rugaber, Associated Press Nearly half the money — $143 billion — went to holding companies for the two major banks that failed over the past week, Silicon Valley Bank and Signature Bank, triggering widespread alarm in financial markets. Continue reading
Mar 16 Watch 5:56 Democratic Rep. Zoe Lofgren on banking regulations, border security By Lisa Desjardins, Kyle Midura Many Americans are watching and waiting to see if Congress will address two major issues facing the country right now, the financial security of banks and immigration at the southern border. Democratic Rep. Zoe Lofgren has spent a career focused… Continue watching
Mar 16 11 big banks create $30 billion rescue package for First Republic By Ken Sweet, Associated Press Eleven of the biggest banks in the country announced a $30 billion rescue package for First Republic Bank on Thursday, in an effort to stop the California-based bank from becoming the third bank to fail in less than a week. Continue reading
Mar 16 WATCH: Treasury Secretary Yellen tells Senate panel that banking system ‘remains sound’ By Fatima Hussein, Associated Press A week after the second-largest bank collapse in U.S. history, Treasury Secretary Janet Yellen told the Senate Finance Committee on Thursday that the nation's banking system “remains sound” and Americans "can feel confident” about their deposits. Continue reading
Mar 15 How the digital era helped speed up bank runs By Ken Sweet, Stan Choe, Associated Press What made the failure of Silicon Valley Bank unique compared to past failures of large banks was how quickly it collapsed. Last Wednesday afternoon, the $200 billion bank announced a plan to raise fresh capital; by Friday morning it was… Continue reading
Mar 15 How the 2008 financial crisis fuels today’s populist politics By Will Weissert, Associated Press Mike Pence and Bernie Sanders are hardly political allies. But after two large bank failures, the conservative former vice president and the democratic socialist senator are striking remarkably similar tones. Continue reading
Mar 15 As fears renews of bank weakness, stocks tumble on Wall Street By Stan Choe, Associated Press Stocks are falling sharply on Wall Street as worries worsen about the strength of banks on both sides of the Atlantic. Continue reading
Mar 14 Watch 5:03 News Wrap: Inflation shows signs of easing but prices well above where they were last year In our news wrap Tuesday, inflation shows fresh signs of easing but prices are still well above where they were a year ago, millions of Americans bore the brunt of foul weather from atmospheric rivers to nor'easters, the state of… Continue watching
Mar 14 Watch 6:14 High inflation complicates Federal Reserve’s response to bank failures By Geoff Bennett, Diane Lincoln Estes, Karina Cuevas Days after the collapse of Silicon Valley Bank and Signature Bank, there are plenty of questions being asked about the health of banks in the U.S. Sheila Bair served as the chair of the FDIC from 2006 to 2011 and… Continue watching