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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-04-13T13:48:00
The collapse of Silicon Valley Bank (SVB) highlighted for the Federal Deposit Insurance Corporation (FDIC) some of the impediments to a quick bank sale, including failing to provide rapid access to quality financial data and lists of key employees.
Travis Hill, vice chairman of the FDIC, said in a speech Wednesday the sale of SVB in particular was hindered by its inability to populate a data room.
It took 16 days from the time SVB failed on March 10 until First Citizens Bank of North Carolina agreed to buy all the deposits and loans of Silicon Valley Bridge Bank.
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News and analysis for the well-informed compliance or audit exec.
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2023-05-19T17:33:00Z By Aaron Nicodemus
Leaders at Silicon Valley Bank, Signature Bank, and the regulators who seized their banks testified before Congress across separate hearings.
2023-05-12T16:58:00Z By Aaron Nicodemus
The Federal Deposit Insurance Corporation issued a notice of proposed rulemaking regarding a special assessment on large banks to recover approximately $15.8 billion in losses attributable to the failures of Silicon Valley Bank and Signature Bank.
2023-05-01T15:51:00Z By Aaron Nicodemus
San Francisco-based First Republic Bank was closed by state and federal banking regulators over the weekend, then sold to JPMorgan Chase Bank. The failure is the second largest in U.S. banking history.
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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