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Search resuls for: "Sheila Bair"


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☆ Competition will soon force big banks to raise rates on deposits: Fmr. FDIC Chair Sheila Bair
  + stars: | 2023-04-11 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCompetition will soon force big banks to raise rates on deposits: Fmr. FDIC Chair Sheila BairSheila Bair, former chair of the FDIC, joins 'Fast Money' to discuss what to expect from bank earnings.
☆ Bank stress tests need to focus on interest rate increases, says former FDIC Chair Sheila Bair
  + stars: | 2023-03-28 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank stress tests need to focus on interest rate increases, says former FDIC Chair Sheila BairFormer FDIC Chair Sheila Bair joins 'Closing Bell: Overtime' to discuss what her takeaways from the Senate hearing on the Silicon Valley Bank collapse and more.
☆ Fed official: People ‘hate’ inflation. That trumps bank stress and job loss
  + stars: | 2023-03-24 | by ( Matt Egan | ) edition.cnn.com   time to read: +3 min
New York CNN —The Federal Reserve faced a particularly vexing decision this week: Should it raise interest rates during a bank crisis? But the economic reports heading into this week’s Fed meeting suggest the economy remains too hot. The Fed ultimately reached a unanimous decision to raise interest rates for the ninth meeting in a row. “The one thing that I hear loud and clear from everybody is that they hate inflation. They find inflation to be unfair,” Barkin said, referring to talking to residents in his Fed district.
☆ Elizabeth Warren demands Fed crackdown on large regional banks
  + stars: | 2023-03-22 | by ( Matt Egan | ) edition.cnn.com   time to read: +5 min
New York CNN —Senator Elizabeth Warren is cranking up the pressure on the Federal Reserve following the collapse of Silicon Valley Bank. Both Silicon Valley Bank and Signature Bank fit into that asset threshold when they failed earlier this month. The bipartisan 2018 rollback of Dodd-Frank freed large regional banks in that range of assets from the toughest oversight. Notably, the letter was signed by Senator Angus King, the Maine independent who voted in favor of the 2018 rollback. Days after the bank failures, the Federal Reserve launched a review of the regulation and oversight of Silicon Valley Bank.
☆ Hardline US Republicans oppose bank deposit guarantees beyond $250,000 limit
  + stars: | 2023-03-21 | by ( David Lawder | ) www.reuters.com   time to read: +4 min
[1/3] A sign reads “FDIC Insured” on the door of a branch of First Republic Bank in Boston, Massachusetts, U.S., March 13, 2023. REUTERS/Brian SnyderWASHINGTON, March 20 (Reuters) - Hardline Republicans in the House of Representatives on Monday vowed to oppose any universal federal guarantee on bank deposits above the current $250,000 limit, throwing a major roadblock to a key tool regulators could deploy if bank runs re-emerge as financial confidence wobbles. The upheaval has been marked by uninsured business depositors fleeing smaller community and regional lenders toward the largest banks perceived as "too big to fail." Independent Community Bankers Association President Rebeca Romero Rainey said in a statement that depositors in safely run small banks should get the same guarantees that uninsured depositors in SVB and Signature Bank received. Runs could re-emerge if another bank falters, and if the institution is large enough, regulators will again declare a systemic risk exception and guarantee its uninsured deposits, he added.
☆ U.S. lawmakers to examine merits of higher FDIC bank deposit insurance cap
  + stars: | 2023-03-19 | by ( ) www.cnbc.com   time to read: +3 min
"I think that lifting the FDIC insurance cap is a good move," Senator Elizabeth Warren, a Democrat, said on CBS's "Face The Nation" program, referring to the Federal Deposit Insurance Corporation's current $250,000 limit per depositor. "What I will do though, legislatively, and in an oversight function, is to determine whether or not we need to address the FDIC deposit level," McHenry told the same CBS program. During the financial crisis that erupted in 2008, the FDIC temporarily backstopped all deposits to safeguard smaller banks. Pressure on midsized and smaller banks from deposit outflows continued on Friday despite a move by several large banks to deposit $30 billion into First Republic Bank, an institution rocked by the failure of Silicon Valley Bank and Signature Bank. McHenry said he wanted to examine the trade-offs of higher deposit insurance limits, "the moral hazard of having more risk-taking in the financial sector, and also the impact it would have on community banks."
☆ U.S. lawmakers to examine merits of higher bank deposit insurance cap
  + stars: | 2023-03-19 | by ( David Lawder | ) www.reuters.com   time to read: +4 min
[1/4] Signs explaining Federal Deposit Insurance Corporation (FDIC) and other banking policies are shown on the counter of a bank in Westminster, Colorado November 3, 2009. "I think that lifting the FDIC insurance cap is a good move," Senator Elizabeth Warren, a Democrat, said on CBS's "Face The Nation" program, referring to the Federal Deposit Insurance Corporation's current $250,000 limit per depositor. During the financial crisis that erupted in 2008, the FDIC temporarily backstopped all deposits to safeguard smaller banks. Pressure on midsized and smaller banks from deposit outflows continued on Friday despite a move by several large banks to deposit $30 billion into First Republic Bank (FRC.N), an institution rocked by the failure of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O). McHenry said he wanted to examine the trade-offs of higher deposit insurance limits, "the moral hazard of having more risk taking in the financial sector, and also the impact it would have on community banks."
☆ Investors are still worried about a run on deposits of some ailing banks while massive lifelines buy more time
  + stars: | 2023-03-18 | by ( Filip De Mott | ) www.businessinsider.com   time to read: +4 min
Shares of First Republic and Credit Suisse continued to sell off despite massive lifelines. First Republic is receiving $30 billion in deposits from Wall Street giants and large regional banks. Meanwhile, Switzerland's central bank provided Credit Suisse with $54 billion in liquidity. In the case of Credit Suisse, depositors have been fleeing since well before SVB failed. Bank mergers could help, and UBS is in talks to acquire all or parts of Credit Suisse, according to reports.
☆ Fmr. FDIC Chair Sheila Bair: U.S. regulators are setting a dangerous precedent on SVB
  + stars: | 2023-03-17 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. FDIC Chair Sheila Bair: U.S. regulators are setting a dangerous precedent on SVBSheila Bair, senior fellow at Center for Financial Stability and former FDIC Chair, joins 'Squawk on the Street' to discuss the FDIC's plan to assist the banking sector.
☆ US FDIC may need temporary guarantee for all bank deposits -ex chief Bair
  + stars: | 2023-03-16 | by ( David Lawder | ) www.reuters.com   time to read: +3 min
WASHINGTON, March 15 (Reuters) - The Federal Deposit Insurance Corp may need to seek temporary guarantees for all uninsured U.S. bank deposits to stem a drain of funds from small and regional U.S. lenders following deposit bailouts for failed banks SVB Financial and Signature Bank, former FDIC chair Sheila Bair said on Wednesday. "My biggest fear now is that that lack of trust in the banking system takes hold and uninsured deposits start fleeing banks of all sizes to the biggest banks, just making them bigger again," Bair said. If that continues, the FDIC and the U.S. Treasury should seek "streamlined" authority from Congress to guarantee all uninsured deposits and transaction accounts, which handle client company payroll and operations, she said. A Reuters review of company filings and FDIC data showed that San Francisco-based First Republic had uninsured deposits of $119.5 billion, or 68% of its total. Bair said she did not view Silicon Valley Bank or Signature Bank as systemically important institutions, adding that they could have been resolved through FDIC's normal takeover process, with a "haircut" for uninsured deposits.
☆ The Fed needs to stop raising rates now, former FDIC chair says after Silicon Valley Bank failure
  + stars: | 2023-03-13 | by ( Matt Egan | ) edition.cnn.com   time to read: +3 min
Silicon Valley Bank is second only to Washington Mutual in terms of the biggest bank failures in US history. Those interest rate hikes have contributed to the collapse of Silicon Valley Bank in at least two key ways. First, higher borrowing costs rocked the frothy parts of the US economy, especially the tech industry that Silicon Valley Bank catered to. They panicked, yanking $42 billion last Thursday alone when Silicon Valley Bank’s stock crashed by 60%, according to filings by California regulators. By the close of business that day, Silicon Valley Bank had a negative cash balance of about $958 million.
☆ President Biden Addresses Turmoil in the U.S. Banking System
  + stars: | 2023-03-13 | by ( ) www.wsj.com   time to read: 1 min
What Does the Silicon Valley Bank Failure Mean? Silicon Valley Bank collapsed on Friday, becoming the largest bank to fail since the 2008 financial crisis. On Sunday, regulators took control of Signature Bank and rolled out emergency measures to prevent a banking crisis and guarantee depositors access to their money. Join the Journal’s Banking Editor Marie Beaudette for a conversation with former FDIC Chair Sheila Bair, followed by a roundtable with Wall Street and Financial Industry Bureau Chief Dana Cimilluca and reporter Rolfe Winkler about the bank failures, subsequent regulatory action and what this all means for the tech sector and overall health of the U.S. economy.
☆ “Everything Everywhere All at Once” Wins Big at the Oscars
  + stars: | 2023-03-13 | by ( ) www.wsj.com   time to read: 1 min
What Does the Silicon Valley Bank Failure Mean? Silicon Valley Bank collapsed on Friday, becoming the largest bank to fail since the 2008 financial crisis. On Sunday, regulators took control of Signature Bank and rolled out emergency measures to prevent a banking crisis and guarantee depositors access to their money. Join the Journal’s Banking Editor Marie Beaudette for a conversation with former FDIC Chair Sheila Bair, followed by a roundtable with Wall Street and Financial Industry Bureau Chief Dana Cimilluca and reporter Rolfe Winkler about the bank failures, subsequent regulatory action and what this all means for the tech sector and overall health of the U.S. economy.
☆ Treasury Secretary Janet Yellen says U.S. government won't bail out Silicon Valley Bank
  + stars: | 2023-03-12 | by ( Ashley Capoot | ) www.cnbc.com   time to read: +3 min
Janet Yellen, US Treasury secretary, speaks during a Financial Stability Oversight Council (FSOC) meeting at the Treasury Department in Washington, DC, US, on Friday, Dec. 16, 2022. After regulators shuttered Silicon Valley Bank and seized its deposits Friday, U.S. Treasury Secretary Janet Yellen said Sunday that she has been working "to address the situation in a timely way," but that a major government bailout is not on the table. "This is really a decision for the FDIC, as it decides on what the best course is to resolve this firm," Yellen said. "The problem is this was a liquidity failure, it was a bank run, so they didn't have time to prepare to market the bank," Bair told NBC's "Meet the Press." "The shareholders in the bank are going to lose their money, let's be clear about that.
☆ Some Silicon Valley Bank customers are selling their deposits at big discounts to raise cash quickly, reports say
  + stars: | 2023-03-12 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +3 min
Some SVB clients are being invited to sell their uninsured deposits at steep discounts, reports say. In the meantime, some startups that banked with SVB are trying to sell their deposits at a discount. Startups choosing to sell their deposits at a discount appears to be a potential long-term sacrifice to meet short-term funding needs. However, ratings agency Moody's suggested not all uninsured deposits were likely to be returned. If the bank fails to find a resolution by early next week, it seems likely that interest in selling deposits at a discount will intensify.
☆ Analysis: SVB's lightning collapse stuns banking industry
  + stars: | 2023-03-11 | by ( Pete Schroeder Nupur Anand | Pete Schroeder | Nupur Anand | ) www.reuters.com   time to read: +5 min
WASHINGTON/NEW YORK, March 11 (Reuters) - The rapid unraveling of SVB Financial Group (SIVB.O) has blindsided the banking industry after years of stability. Investors and customers now face a nervous wait to see if SVB bank finds a buyer quickly. During the 2008 financial crisis, Washington Mutual found a buyer immediately. One area of particular focus could be larger regional banks, which saw some rule relief under the Trump administration. U.S. banking regulators said in October they were considering new requirements on large regional banks, including holding more long-term debt to weather losses.
☆ Watch CNBC's full interview with the Volcker Alliance's Sheila Bair
  + stars: | 2022-12-28 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with the Volcker Alliance's Sheila BairSheila Bair, former FDIC chair and The Volcker Alliance founding director, joins 'Power Lunch' to discuss why the Federal Reserve should pause rate hikes, why the Fed pays attention to the yield curve and what happens if the Federal Reserve doesn't pause rate hikes.
☆ Prudent for Fed to pause rate hikes and assess impact, says former FDIC chair
  + stars: | 2022-12-28 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPrudent for Fed to pause rate hikes and assess impact, says former FDIC chairSheila Bair, former FDIC chair and The Volcker Alliance founding director, joins 'Power Lunch' to discuss why the Federal Reserve should pause rate hikes, if the Fed needs to pay attention to the yield curve and what happens if the Federal Reserve doesn't pause rate hikes.
☆ Blockchain holds a lot of promise, but most of it is speculative, says Fmr. FDIC Chair Sheila Bair
  + stars: | 2022-11-28 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlockchain holds a lot of promise, but most of it is speculative, says Fmr. FDIC Chair Sheila BairSheila Bair, former chair of the FDIC and executive director of Paxos, a blockchain technology company, joins CNBC's 'Squawk Box' to discuss what the fallout of FTX means for potential crypto regulation.
☆ As BlockFi files for bankruptcy, what to know about crypto investor protections
  + stars: | 2022-11-28 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +7 min
The ongoing FTX fallout — and bankruptcies earlier this year for lenders Celsius Network and Voyager Digital — is teaching crypto investors a hard lesson about their protections relative to more traditional asset classes. Howey Co., established the so-called Howey test to determine what constitutes a security, or "investment contract." More on how the Howey test works can be found below. Here's why this is important for crypto: It's unclear in many cases if digital assets are an "investment contract" under the 76-year-old Howey test. The Securities Investor Protection Corporation insures investors for up to $500,000 in the event a brokerage firm liquidates and their holdings are tied up in the insolvent firm.
☆ Why protections for crypto investors are linked to orange groves
  + stars: | 2022-11-21 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +6 min
watch nowHow orange groves impact crypto protectionsThe reason why largely hinges on a 1946 Supreme Court case about investors in Florida orange groves. Howey Co. — established the so-called Howey test to determine what constitutes a security, or "investment contract." (More on how the Howey test works can be found below.) Here's why this is important for crypto: It's unclear in many cases if digital assets are an "investment contract" under the 76-year-old Howey test. Why the 'security' distinction mattersThe Howey test has four parts to determine if something like bitcoin is an "investment contract."
☆ 'Dramatic misuse of funds': Fmr. FDIC Chair Sheila Bair warns FTX collapse signals critical need for regulation
  + stars: | 2022-11-17 | by ( Melissa Lee | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Dramatic misuse of funds': Fmr. FDIC Chair Sheila Bair warns FTX collapse signals critical need for regulationFormer FDIC Chair Sheila Bair looks at the state of crypto regulation post-FTX collapse. With CNBC's Melissa Lee and the Fast Money traders, Carter Worth, Courtney Garcia, Guy Adami and Tim Seymour.
☆ FTX crash shares eerie similarities with Bernie Madoff, ex-regulator Sheila Bair says
  + stars: | 2022-11-15 | by ( Matt Egan | ) edition.cnn.com   time to read: +6 min
Sheila Bair, a top regulator during the 2008 financial crisis, told CNN there are eerie similarities between the dramatic rise and fall of Bankman-Fried and FTX and that of infamous Ponzi scheme mastermind Bernie Madoff. Bair notes that 30-year-old Bankman-Fried, like Madoff, proved adept at using his pedigree and connections to seduce sophisticated investors and regulators into missing “red flags” hiding in plain sight. Up until the bankruptcy filing, FTX even had an application pending with federal regulators to clear derivatives, The Wall Street Journal reported. FTX’s bankruptcy filing indicates it had liabilities of $10 billion to $50 billion at the time of the filing. — If you are an FTX customer and want to discuss how you have been impacted by the bankruptcy, please reach out to Matt.Egan@CNN.com
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