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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-09-11T16:35:00
Loss of confidence following the March collapses of Silicon Valley Bank (SVB) and Signature Bank was the primary reason First Republic Bank failed in May, according to an internal review conducted by the Federal Deposit Insurance Corporation (FDIC).
The review, published Friday, was led by FDIC Chief Risk Officer Marshall Gentry and examined the causes behind the collapse of First Republic and how the FDIC could have better supervised the bank. Its scope covered 2018 until the bank’s failure on May 1.
On that day, First Republic announced its sale to JPMorgan Chase, which acquired the majority of its assets and assumed its deposits and certain other liabilities. The transaction was necessitated by stock declines at the bank following the failure of SVB that proved irreversible despite cash injections from other large U.S. banks.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2024-06-25T14:48:00Z By Aaron Nicodemus
Two federal banking regulators found deficiencies with the sale of derivatives in the resolution plans of Bank of America, Goldman Sachs, and JPMorgan Chase, while the regulators disagreed on the severity of an issue with Citigroup’s plan.
2023-11-09T16:42:00Z By Aaron Nicodemus
A new report from KPMG predicted the banking and financial services industries will be hit with unprecedented regulatory intensity in 2024, with regulators expecting compliance deficiencies to be addressed more thoroughly and quicker than ever before.
2023-10-10T14:00:00Z By Aaron Nicodemus
Bank examiners from the Office of the Comptroller of the Currency are focusing their supervision attention on how banks manage risks that brought down three mid-sized financial institutions earlier this year.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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