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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-03-13T16:58:00
The White House, Department of the Treasury, and other federal banking regulators swung into action over the weekend to prevent the failure of two banks with $264 billion in combined deposits from turning into a full-blown economic crisis.
The Treasury, Federal Reserve Board, and Federal Deposit Insurance Corporation (FDIC) announced Sunday all customer deposits at Silicon Valley Bank ($175 billion in deposits) and New York-based Signature Bank ($89 billion) would be fully protected. On Friday, the FDIC and California banking regulators closed Silicon Valley Bank (SVB); the FDIC and the New York State Department of Financial Services followed suit with Signature Bank on Sunday.
Is this move by regulators to ensure depositers a bailout? Depends on who you ask. Analysts on Bloomberg TV on Monday were calling the move a “bail in,” which the Bank of England defines as using investor funds, rather than taxpayer money, to bear losses when a firm fails.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
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Membership $599
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2024-09-03T15:47:00Z By Aaron Nicodemus
The Federal Reserve Board will require more than 30 of country’s largest banks to maintain a minimum percentage of capital in reserve, a percentage which the Fed calculated based on their complexity and whether they are considered a global systemically important bank.
2023-03-31T14:55:00Z By Kyle Brasseur
President Joe Biden called on federal banking agencies to consider reforms that would largely reverse changes to regulation made during the Trump administration regarding liquidity requirements, stress tests, and more.
2023-03-20T19:23:00Z By Kyle Brasseur
President Joe Biden is calling on Congress to “do more to hold senior bank executives accountable” since the market turmoil that has followed the collapses of Silicon Valley Bank and Signature Bank.
2024-10-22T14:37:00Z By Aaron Nicodemus
The Department of Justice (DOJ) has proposed a new rule that would regulate the use of Americans’ personal information by foreign companies and foreign persons in six “countries of concern,” prohibiting and restricting the sale of data to thwart the use of data for cyber-enabled activities, espionage, coercion, influence and ...
2024-10-17T17:42:00Z By Adrianne Appel
New York financial institutions are expected to address cybersecurity risks posed by artificial intelligence (AI), and new guidance from the New York Department of Financial Services is aimed at helping firms do just that.
2024-10-17T16:22:00Z By Neil Hodge
Concerns about how robustly European member states may enforce the EU AI Act, which took effect on Aug. 1, are divided between if regulators will take a “light touch” approach or a sledgehammer for noncompliance. One thing’s for sure, the pace of AI innovation will make enforcement very difficult.
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