The collapse of Silicon Valley Bank and Signature Bank continues to prompt scrutiny of FDIC coverage limits, which are generally $250,000 per depositor. On Friday, President Joe Biden said the FDIC could guarantee deposits of more than $250,000 if further instability occurs. However, experts say it is possible to take out more insurance for your … Read more
Bloomberg News reported Saturday that US officials are considering expanding federal programs that provide banks with liquidity, in part to help First Republic search for a buyer. CNBC reported on Saturday that the inflow of deposits into major banks from the smaller regions has slowed significantly. Regional bank stocks have been under a lot of … Read more
U.S. Treasury Secretary Janet Yellen testifies before a subcommittee on March 23, 2023 in Washington, DC. Alex Wang | Getty Images News | Getty Images This report comes from today’s CNBC Daily Open, our new newsletter for international markets. CNBC Daily Open brings investors up to speed with everything they need to know, wherever they … Read more
5 hours ago Finance Minister Yellen says emergency measures to support banks could be used again if necessary Treasury Secretary Janet Yellen said Thursday that the federal emergency measures used to hold back clients of Silicon Valley Bank and Signature Bank could be used again if necessary. “We have used important tools to act quickly … Read more
Finance Minister Yellen says emergency measures to support banks could be used again if necessary Treasury Secretary Janet Yellen said Thursday that the federal emergency measures used to hold back clients of Silicon Valley Bank and Signature Bank could be used again if necessary. “We have used important tools to act quickly to prevent contagion. … Read more
Regulators and officials across the European Union are nervous about potential contagion to their banking sector following the recent turmoil in the United States. However, they believe the US should learn from some of the regulatory work that has been introduced in the euro area. Basel III is a series of reforms that strengthen supervision … Read more
Cryptocurrency companies are struggling to find institutions to bank with after the collapse of Signature Bank and Silvergate Capital. These companies have turned to crypto-friendly Swiss banks, flooding them with requests for banking services, according to multiple industry insiders who spoke to CNBC. Part of the reason companies seek out Swiss banks is the country’s … Read more
Discussions, while tentative, focused on how the industry could arrange an investment that would bolster the bank’s capital, according to people familiar with the matter. One of the options on the table, people said, is an investment in First Republic by the banks themselves. Eleven major banks joined forces last week to deposit $30 billion … Read more
Top 10 things to watch Monday, March 20 1. Wall Street looks stable at the start of the week and ahead of the Fed’s interest rate decision Wednesday afternoon after the meeting. The market estimates about a 60% chance of a rate hike by a quarter point and a 40% chance of no hike as … Read more
A sale to UBS, which could be signed as early as tonight, values Credit Suisse at about $7 billion less than its market value at Friday’s close. It comes after Credit Suisse shares recorded their worst weekly decline since the start of the coronavirus pandemic. This is despite an announcement that it would be able … Read more