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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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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.
2023-03-17T15:57:00Z By Aaron Nicodemus
Small and mid-sized banks can expect more regulatory scrutiny in the aftermath of the collapses of Silicon Valley Bank and Signature Bank, according to legal experts. The time to prepare is now.
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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