banking
Fed’s fault-finding on bank failures could lead to stronger regulations
New banking regulations proposed by federal watchdogs don’t go far enough in countering potential problems, but could help lower bank fees and calm financial markets and nerves, leading to a more stable financial system, according to some economists. The Federal Reserve, FDIC and Government Accountability Office released reports blaming mismanagement of risk, including overreliance on […]
White House calls on financial regulators to bring back safeguards for regional banks
WASHINGTON — The Biden administration, placing blame on Trump-era rollbacks, last Thursday called on federal banking regulators to reinstate safeguards for regional banks after the record-setting collapse of Silicon Valley Bank and Signature Bank of New York earlier this month. The White House wants the agencies to revive regular stress testing at banks in the […]
Virginia senator defends rollback of U.S. banking rules, blames managers for bank failures
WASHINGTON — The recent bank failures that shocked the markets and caused a speedy government bailout were “basic prudential regulation failure” by management, U.S. Sen. Mark Warner of Virginia said Monday. The Democratic senator, who sits on the Senate Committee on Banking, Housing and Urban Affairs, told reporters he stands by his position that 2018 banking regulation […]
Silicon Valley Bank’s collapse differs from our last financial crisis
After the largest U.S. bank failure in more than a decade, regional bank stocks plunged on Monday as the federal government — with the 2007-2008 financial crisis still a fresh memory for many — rushed to reassure Americans that the U.S. banking system was stable. President Joe Biden told Americans that the risks taken on […]
Biden says U.S. bank deposits are safe despite tumult over California bank collapse
WASHINGTON — President Joe Biden reassured Americans early Monday that their money is safe in U.S. banks, after a tumultuous weekend following the collapse of Silicon Valley Bank and a move by regulators to shut down a second lender. Americans “should feel confident that their deposits will be there, if and when they need them,” […]