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☆ A new bill in Congress could wipe out the credit card rewards programs Americans rely on for their vacations, Southwest says
▼ + stars: | 2023-10-26 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Southwest Airlines said a new bill in Congress could "completely end" loyalty rewards programs. It's taking aim at the Credit Card Competition Act, which seeks to lower credit card fees. "Our customers and employees use the Southwest Rapid Rewards Credit Card to earn points that can be redeemed for Southwest flights, car rentals, gift cards, and more." "This legislation is bad policy and would undermine, if not completely end, credit card rewards programs that millions of Americans rely on for their vacations or personal travel needs," Southwest added. The Credit Card Competition Act was originally introduced to the previous Congress in 2022, but never came to a vote.

Persons: Sen, Dick Durbin of, Durbin, Scott Kirby, Lance Gooden Organizations: Southwest Airlines, Credit, Airlines, Dick Durbin of Illinois, Visa, Mastercard, Rapid, Southwest, United Airlines, Democratic, Republican, GOP, Texas Locations: Airlines

After 525 basis points of interest rate hikes, financial conditions are now the tightest in a year, and biting. JPMorgan strategists estimate that the impact on GDP from tightening financial conditions takes anywhere from one to two years to be felt. Reuters Image Acquire Licensing RightsReuters Image Acquire Licensing RightsThe renewed weakness of U.S. regional bank shares is one of them. Reuters Image Acquire Licensing RightsReuters Image Acquire Licensing RightsBNP Paribas analysts reckon the impact on GDP growth from tighter financial conditions recently equates to a 40 basis point rate hike. Around a third of the bank's financial conditions index rise since April is from higher bond yields.

Persons: Brendan McDermid, Goldman Sachs, Torsten Slok, Morgan Stanley, Jerome Powell, Jamie McGeever, Andrea Ricci Organizations: New York Stock Exchange, REUTERS, Rights, Fed, Treasury, Wall, JPMorgan, National Federation of Independent, Reuters, Thomson Locations: New York City, U.S, Rights ORLANDO , Florida, October's

☆ A new bill in Congress is going to 'kill' card rewards programs, says United CEO
▼ + stars: | 2023-10-25 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

United CEO Scott Kirby says a new bill in Congress is putting miles programs on the chopping block. The Credit Card Competition Act, proposed by Sen. Dick Durbin, seeks to lower card swipe fees. "This would kill rewards programs," United CEO Scott Kirby said in an October 18 earnings call. It will kill debit card rewards programs when it happens, and I think it's bad policy." The Credit Card Competition Act, proposed by Sen. Dick Durbin of Illinois, seeks to end what Durbin calls a "Visa-Mastercard duopoly" over credit card transactions.

Persons: Scott Kirby, Sen, Dick Durbin, Kirby, Dick Durbin of, Durbin, it's, Ed Bastian, Durbin's Organizations: Visa, Mastercard, Morning, United, Dick Durbin of Illinois, Republican, Democrat, House, Air, Bloomberg, European Locations: European Union

WASHINGTON, Oct 24 (Reuters) - U.S. regulators will begin grading banks on which communities and geographies they service via online lending under tougher new rules modernizing fair lending standards to be finalized on Tuesday. The changes to 1977 Community Reinvestment Act (CRA) regulations draw a line under a contentious multiyear effort that was delayed amid fierce lobbying by community groups and lenders, as well as by a change of presidential administrations. Conceived to prevent red lining, CRA regulations are central to banks' overall supervisory performance. Historically, CRA grades focused on how well banks serviced low-income communities where banks have branches. Banks on Tuesday said they supported fair lending but flagged concerns with the final rule.

Persons: Michael Barr, Michelle Bowman, Banks, Randy Benjenk, Lindsey Johnson, Pete Schroeder, Andrea Ricci, Michelle Price, Marguerita Choy Organizations: Federal, Fed, Federal Deposit Insurance Corporation, Office, Covington, Consumer Bankers Association, Thomson Locations: U.S, Burling

☆ Regional banks hurt by higher interest rates, saving for depositor defaults after Q3
▼ + stars: | 2023-10-24 | by ( Sergio Padilla | ) edition.cnn.com time to read: +6 min

Following the bank closings, many other regional banks have had to pay higher interest rates on deposits in order to prevent customers from heading towards the exit. Comerica saw declines in both provisions and net interest income and a 28% decline in net income compared to last year. Zions Bancorp had a dramatic decline as well, seeing yearly declines in net interest income and provisions. Going forward, if demand for loans dries up, that gets rid of a key source of income for regional banks. The SPDR S&P Regional Banking ETF, a benchmark for judging the performance of shares of regional banks, was down 2.9% over five days as of midday trading on Friday.

Persons: “, ” Nathan Stovall, Stovall, ” Stovall, Huntington Bancshares, ”, Jerome Powell, JPMorgan Chase Organizations: CNN, Signature Bank, First Republic Bank, Silicon Valley Bank, Federal, P Global Market Intelligence, US Bancorp, Financial Corp, T Bank Corp, PNC Financial Services Group, Inc, Commerce, Comerica, Zions Bancorp, Keycorp, Zions, T Bank, PNC, Regional Banking, Fed, Citi Group, Wells, JPMorgan Locations: Ohio, Dallas, Salt, Huntington, Commerce, Keycorp, Regions, Gaza, Wells Fargo

Oct 20 (Reuters) - Shares of mid-sized U.S. banks fell on Friday after a string of earnings reports heightened investor concerns that the boost to lenders from the Federal Reserve's interest rate hikes was tapering off. Regions Financial (RF.N) dropped to the lowest level since March, when an industry crisis began following an outflow of deposits that engulfed three banks. The lender, shares of which were last down 11% at $14.71, said it expects net interest income (NII) in the fourth quarter to decline about 5% from current levels. Huntington Bancshares' (HBAN.O) stock dipped 1.3%, while Comerica (CMA.N) dropped 6.6%, dragging down the S&P 500 Banks index (.SPXBK) by 2.1%. Huntington Bancshares posted an 8% drop in third-quarter profit as interest income declined.

Persons: Wells, Mike Mayo, Mayo, Terry McEvoy, Huntington Bancshares, NII . Huntington Bancshares, Jaiveer Singh, Shilpi Majumdar Organizations: Regions, Regions Financial, Reuters, Stephens, Comerica, Third Bancorp, Thomson Locations: NII ., Bengaluru

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. BofA's investment banking and trading units managed to outperform Wall Street expectations as they reported higher revenue, bucking an industry-wide slump. Total investment banking fees rose 2% to $1.2 billion, while sales and trading revenue was up 8% to $4.4 billion in the third quarter. BofA's net interest income (NII) rose 4% in the third quarter to $14.4 billion. BofA's revenue, net of interest expense, increased 3% in the quarter to $25.2 billion.

Persons: Carlo Allegri, Brian Moynihan, BofA, Wells, Manya Saini, Nupur Ananad, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: of America, REUTERS, Bank of America, Federal Reserve, Lending, JPMorgan Chase, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, NII, Bengaluru, Nupur, New York

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Revenue at BofA's consumer banking unit rose 6% to $10.5 billion in the third quarter. BofA's investment banking and trading units outperformed. Total investment banking fees rose 2% to $1.2 billion, bucking an industry-wide slump. Sales and trading revenue was up 8% to $4.4 billion in the third quarter to its highest in more than a decade.

Persons: Carlo Allegri, Brian Moynihan, BofA, Alastair Borthwick, Borthwick, Wells, Manya Saini, Nupur Ananad, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: of America, REUTERS, Bank of America, U.S, Federal Reserve, Lending, JPMorgan Chase, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, NII, Bengaluru, Nupur, New York

☆ Major US banks show profit boost, but some caution from consumers
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +5 min

Consumers were starting to deplete savings, the banks said, and Citibank and Wells Fargo noted that losses on credit cards and other debts were starting to rise. Wells Fargo said it was seeing charge-offs, or loans written off, increasing in its credit card portfolio. "Currently, U.S. consumers and businesses generally remain healthy, although consumers are spending down their excess cash buffers," said JPMorgan CEO Jamie Dimon. JPMorgan, Citigroup and Wells Fargo, the first, third and fourth biggest U.S. lenders, respectively, also increased their outlook for NII. Shares of JPMorgan and Wells Fargo rose between 1% and 3%.

Persons: Shannon Stapleton, Wells Fargo, Jane Fraser, Wells, Charlie Scharf, Scharf, JPMorgan Chase, Jamie Dimon, Eric Kuby, Dimon, PNC's NII, Rick Meckler, Saeed Azhar, Nupur Anand, Lewis Krauskopf, Tatiana Bautzer, Sinead Carew, Niket, Manya Saini, Noor Zainab Hussain, Jaiveer Shekhawat, Pritam Biswas, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, JPMorgan, Federal, Consumers, Citibank, Valley Bank, Citigroup, U.S, PNC Financial Services, delinquencies, Bank, Citi, North Star Investment Management Corp, JPMorgan Chase, PNC, Cherry Lane Investments, Thomson Locations: New York, Major U.S, Wells Fargo, U.S, Chicago, Wells, Bengaluru, San Francisco

"I just want to say how deeply saddened that we all are about the recent horrific attacks on Israel ... He warned that the war in Ukraine, compounded by the attacks on Israel, could have "far-reaching impacts on energy and food markets, global trade, and geopolitical relationships." On Friday, Citigroup CEO Jane Fraser included Israel in her opening remarks on the bank's earnings call. "Once someone ventures into the space of, 'who is the perpetrator and who is the victim,' you enter into the exposure of social media disinformation and risk," Kotok said. Some large companies including Apple (AAPL.O) and Walmart (WMT.N) had yet to issue statements, while some prominent personalities including NBA star LeBron James have spoken out.

Persons: JPMorgan Chase, Jamie Dimon, Albert Bourla, Jefferies, Michael Bloomberg, Goldman Sachs, Jane Fraser, Israel, Fraser, Larry Fink, David Kotok, Cumberland, Kotok, Antonio Neri, Andy Jassy, Sundar Pichai, Satya Nadella, LeBron James, Gigi Hadid, Lananh Nguyen, Aditya Soni, Stephen Nellis, Siddharth Cavale, David Gaffen, Arriana, Sayantani Ghosh, David Gregorio Our Organizations: JPMorgan, Pfizer, UBS, New York City, Bloomberg, Delta Air Lines, Citigroup, BlackRock, Cumberland Advisors, Hewlett Packard Enterprise, Amazon, Meta, Union, Google, Microsoft, Apple, Walmart, NBA, Thomson Locations: Israel, Ukraine, New York, Florida, Bengaluru

☆ Major US banks show profit boost, but cautious on outlook, consumer health
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

JPMorgan's (JPM.N) profit jumped 35% on the year-ago quarter, while Wells Fargo (WFC.N) profit surged 60%. The banks benefited from higher interest rates, which have bolstered banks' net interest income (NII), or the difference between what they earn on loans and pay out on deposits. JPMorgan and Wells Fargo, the first- and fourth-largest U.S. lenders, respectively, also increased their outlook for NII. Regional lender PNC Financial Services' (PNC.N), meanwhile, reported higher consumer loan delinquencies. JPM and Wells reported a decline in average deposits.

Persons: Shannon Stapleton, Wells, Jamie Dimon, Wells Fargo, Charlie Scharf, Jane Fraser, Dimon, JPMorgan's NII, Saeed Azhar, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, Citigroup, JPMorgan, Citi, PNC, PNC Financial Services, Thomson Locations: New York, Major U.S, Wells Fargo, U.S

☆ What’s open and closed on Columbus Day and Indigenous Peoples’ Day
▼ + stars: | 2023-10-08 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —Americans celebrate Indigenous Peoples’ Day and Columbus Day on the second Monday of October each year. Indigenous Peoples’ Day recognizes the contributions and legacy of those who lived here long before Christopher Columbus erroneously claimed to have discovered America. President Joe Biden formally recognized Indigenous Peoples’ Day in 2021 by signing a proclamation stating that federal policies “systematically sought to assimilate and displace Native people and eradicate Native cultures.”Some states officially celebrate Indigenous Peoples’ Day and others commemorate it through proclamations. More than 100 cities have replaced Columbus Day altogether with the holiday. Chase Bank and TD Bank will be open for Indigenous Peoples’ Day.

Persons: Christopher Columbus, Joe Biden, “ Organizations: New, New York CNN, Indigenous, Columbus, ’, Indigenous Peoples, Federal Reserve, Nasdaq, New York Stock Exchange, Banks, Bank of America, Citibank, Chase Bank, TD Bank, Mail, United States Postal Service, UPS, FedEx, FedEx Express, Target, Walmart, Kroger Locations: New York, America, Wells Fargo

☆ Russia is using bags of cash and diamonds to avoid sanctions and fund its weapons program, expert says
▼ + stars: | 2023-10-07 | by ( Tom Porter | ) www.businessinsider.com time to read: +6 min

Russia is using illicit cash channels to fund covert activities, analysts say. Kremlin is exploiting gaps in sanctions laws, but also using older methods like cash and diamonds. AdvertisementAdvertisementRussia is using covert financial networks to fund its purchases of banned weapons technology, getting round Western sanctions in the process, analysts told Insider. That money, he said, is then placed in accounts in countries such as Turkey and the UAE, where western sanctions are not closely enforced. Under Western sanctions, banks must investigate suspicious transactions to make sure they're not being used to circumvent sanctions.

Persons: —, Pavlo Verkhniatskyi, Verkhniatskyi, Banks, David Lewis, Russia Verkhniatskyi, FATF Organizations: Service, International, University of Exeter, Force Locations: Russia, Ukraine, Russian, Turkey, UAE, Kazakhstan, Armenia, North Korea, Iran, Myanmar

☆ The Great Zelle Pool Scam
▼ + stars: | 2023-10-01 | by ( Devin Friedman | ) www.businessinsider.com time to read: +38 min

When I asked Chase to discuss Zelle fraud, I received an email saying, "Unfortunately, we don't have anyone available for an interview." The way the email messages from Gary were subliterate in a completely different way from the way a classic Gary email is subliterate. When Gary Kruglitz told us to Zelle him, he didn't really tell us to Zelle him. Out of all the kinds of money, money to build a pool is probably the very best kind of money for the world to suffer the loss of. It's possible that the government will eventually be moved to safeguard consumers against Zelle fraud.

Persons: Madison Ketcham, Gary Kruglitz, Gary, couldn't, he'll, Gary —, —, Cheryl, Sheryl, Sheryl —, we'd, Jeff Allen's, didn't, Jeff, Krystal, we'll, He'd, you've, Karen, I'm, she'd, Yellllow, Zelle, Chase, Sen, Elizabeth Warren, there's, That's, It's, Jesus, who'd, Donald Trump, Gary Kruglitzes, Cheryls —, Yasmine48, Nixon, Evan Kohlmann, cybercrime, we've, I've, Kohlmann, Guess, Let's, that's, Elizabeth Warren's, it's, they're, Warren's, Warren, I'd, they'd, blinked Organizations: Boston Pops, The New York Times, New York Times, Chase, Bank of America, PNC, US Bank, PayPal, Disney, NBC, Warner Bros, Netflix, JPMorgan Chase, Bank —, of, Professionals, Justice Department, Northeast . Contractors, Cloudburst Technologies, Facebook, FBI, Mafia, Massachusetts State Police, Monterey Police Department, Police Locations: Massachusetts, Lyme, Tennessee, Wells Fargo, Truist, Silicon Valley, Amsterdam, Northeast, what's, Paxful, Estonia, Korea, Monterey , Massachusetts, Monterey

☆ Zelle Fraud: I Got Scammed Out of $31,000 and My Bank Didn't Care
▼ + stars: | 2023-10-01 | by ( Devin Friedman | ) www.businessinsider.com time to read: +38 min

Because a lot of bank branches were still closed, and the crew wanted their money, he requested that we transfer the money via Zelle. When I asked Chase to discuss Zelle fraud, I received an email saying, "Unfortunately, we don't have anyone available for an interview." The way the email messages from Gary were subliterate in a completely different way from the way a classic Gary email is subliterate. When Gary Kruglitz told us to Zelle him, he didn't really tell us to Zelle him. It's possible that the government will eventually be moved to safeguard consumers against Zelle fraud.

[1/3] The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. JPMorgan, Bank of America, and Goldman Sachs will pay civil monetary penalties of $15 million, $8 million, and $30 million respectively, the CFTC said in a statement. Goldman Sachs was penalized for failing to diligently supervise a wide range of its swap dealer activities, and "for unprecedented failures regarding swap data reporting," the commission said. The order announced Friday also includes Goldman Sachs taking steps to develop a written remediation plan and retain a consultant to advise on and assess its remediation plan. JPMorgan was fined for violations related to swaps reporting, while Bank of America was penalized over "failing to diligently supervise swaps reporting and failing to comply with swaps reporting obligations," the commission added.

Persons: Goldman Sachs, Brendan McDermid, Kanishka Singh, Sonali Paul Organizations: New York Stock Exchange, REUTERS, Rights, U.S . Commodity Futures, Commission, Bank of America, JPMorgan, Thomson Locations: New York City, U.S, Washington

Deutsche Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Sept 14 (Reuters) - Deutsche Bank has partnered with Swiss crypto firm Taurus to provide custody services for institutional clients' cryptocurrencies and tokenised assets, Taurus said in a statement on Thursday. The partnership means Deutsche Bank will, for the first time, be able to hold a limited number of cryptocurrencies for its clients, as well as tokenised versions of traditional financial assets, a Deutsche Bank spokesperson said. Deutsche Bank said it aimed to offer crypto trading in a World Economic Forum paper back in 2020. Maley said Deutsche Bank is proceeding "cautiously and in line with the spirit and the letter of the regulations governing this asset class."

Persons: Dado Ruvic, Taurus, Crypto, Paul Maley, Maley, Elizabeth Howcroft, Christina Fincher Organizations: Deutsche Bank, REUTERS, Taurus, Standard Chartered, BNY Mellon, Societe Generale, Deutsche, Thomson Locations: Swiss, U.S

☆ How a single hard-charging CEO helped the US dollar take over the world
▼ + stars: | 2023-09-12 | by ( Henry Farrell | Abraham Newman | ) www.businessinsider.com time to read: +14 min

Wriston's financial innovations helped create the modern Eurodollar market — a vast offshore realm of financial transactions in US dollars happening outside of US borders. As he explained in 1979, the "current banking network, with its Euromarkets and its automated payments system" seemed dull and technical, but it had immense political consequences. Wriston helped rebuild this clanking machine into an engine of transformation, welding disjointed national markets into a true world economy. It began to develop a new kind of sanction, which used its control of "dollar clearing" to force international banks to implement US policy outside its borders. Instead of the stateless, government-less world that Wriston envisioned, the internationalization of the US dollar became the precedent for a massive transformation of America's financial power.

Persons: Walter Wriston, Wriston, Friedrich Hayek's, Banks, Eric Sepkes, Eric Helleiner, Henry Holt, Helleiner, Henry Farrell, Johns Hopkins SAIS, Friedrich Schiedel, Abraham Newman Organizations: Citibank, Staff, of, Technology, Bankers, JPMorgan, Warburg, Federal Reserve, buccaneers, US Department of, Treasury, SWIFT, Society, Worldwide Interbank, Johns Hopkins, Politics, The Washington Post, School of Foreign Service, Government Department, Georgetown University, Henry Holt and Company Locations: London, of London, Europe, Argentina, New York, United States, Eurodollars, Italy, Japan, Soviet Union, America, Iran, Russia, Ukraine

The groups argued that banks cannot properly respond to the proposal, which would require lenders to hold more cash to absorb losses, without that analysis. The Fed drafted the rules with the Federal Deposit Insurance Corp (FDIC) and Office of the Comptroller of the Currency (OCC). The "Basel Endgame" proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. The U.S. central bank has estimated it will increase industry capital requirements by $170 billion. "These capital rules will have an impact on economic growth and that will affect large businesses and small businesses and their access to capital."

Persons: Rick Wilking, Goldman Sachs, Morgan Stanley, Banks, David Solomon, Jamie Dimon, Morgan Stanley's, Dan Simkowitz, Pete Schroeder, Saeed Azhar, Lananh Nguyen, Tatiana Bautzer, Michelle Price, Paul Simao, Deepa Babington Organizations: Deposit Insurance Corporation, REUTERS, Rights, Federal Reserve, JPMorgan Chase, Citigroup, APA, Fed, Federal Deposit Insurance Corp, Currency, OCC, Banking, Reuters, JPMorgan, FDIC, Republican, Financial, Bank Policy Institute, American Bankers Association, Financial Services, Institute of International Bankers, Securities Industry, Financial Markets Association, Chamber of Commerce, Thomson Locations: Westminster , Colorado, U.S, Washington

☆ Office sector collapse will cost US banks as much as $250 billion, hedge fund boss says
▼ + stars: | 2023-09-11 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Ongoing weakness in the office sector will cost US banks as much as $250 billion. AdvertisementAdvertisementAlso weighing on the commercial real estate market is higher interest rates, which should put pressure on landlords that have to refinance their loans in the near term. Most owners of commercial real estate have been able to take advantage of the near-zero rates over the past decade. But other areas of the commercial market should remain solid, like industrial real estate, multifamily housing, and data center spaces, according to Bass. When you look at multifamily, multifamily is doing really well," he said.

Persons: Kyle Bass, Bass, multifamily, it's Organizations: Service, Hayman Capital Management, Bloomberg, Bass Locations: Wall, Silicon

Various nationwide banks and credit unions have CDs offering above 5% APY. CD rates on terms of 18 months or less are currently higher than longer-term CD rates. Certificates of deposit with at least 5% interestThe following list features financial institutions with CDs paying at least 5% APY. This list specifically includes 3-month, 6-month, 12-month, and 18-month terms because short-term CD rates are currently higher than long-term CD rates. CDs are a type of bank account, so up to $250,000 is secure per depositor at an FDIC- or NCUA-insured financial institution.

Organizations: Forbright Bank, TotalDirectBank, Bank5, Bread Savings

☆ US banks hoard $3.3 trillion in cash amid fears of an economic slump
▼ + stars: | 2023-09-06 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Since the collapse of SVB and Signature Bank in March, US banks have become cautious on lending. They're holding a cash pile of $3.3 trillion amid fears of an economic slowdown, Reuters reported. The sector remains subdued after Moody's slashed the credit ratings on 10 US banks in August. US banks are now holding back almost $3.3 trillion in cash amid fears of an economic slowdown, ongoing deposit withdrawals, and stricter liquidity rules, Reuters reported. The banking sector has remained subdued this year and was hit with a ratings downgrade in August.

Persons: Moody's, David Fanger Organizations: Signature Bank, Service, Silicon Valley Bank, Reuters, Moody's, BNY Mellon, US Bancorp Locations: Wall, Silicon

Overall U.S. banks' cash assets were $3.26 trillion as of Aug. 23, up 5.4% from the end of 2022. The SVB failure triggered a sudden dash for cash at banks, which within two weeks had bulked up cash assets to $3.49 trillion, the highest level since April 2022. It has $420 billion in cash and $990 billionof what it calls high quality liquidity assets and other unencumbered securities, it said. "The good news is for some of these banks re-investing cash is that we have pretty high short-term rates," said Mac Sykes, portfolio manager at Gabelli Funds. "It's definitely opportunistic and advantageous to be investing short-term securities."

Persons: Carlo Allegri, David Fanger, Moody's, Brendan Browne, Manan Gosalia, Morgan Stanley, Peter Marshall, Mac Sykes, Saeed Azhar, Ann Saphir, Niket, Megan Davies, Nick Zieminski, Richard Chang Organizations: Bank of America, REUTERS, FRANCISCO, Silicon Valley Bank, Signature Bank, Federal, Graphics, Reuters, JPMorgan, Federal Reserve, Regulators, FDIC, Gabelli, Thomson Locations: Manhattan, New York City , New York, U.S, Silicon

☆ US financial regulators green lit new rules aimed at reducing the cost of bank failures
▼ + stars: | 2023-08-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —US financial regulators on Tuesday signed off on new rules to prepare large and regional banks in the case of failure. But the FDIC backed deposits that exceeded that limit when Silicon Valley Bank and Signature Bank failed earlier this year, to reduce the risk of more bank failures. In total, the three bank failures depleted $31.5 billion from the DIF, according to FDIC estimates. Had the proposed rule been in place prior to the three bank failures, it could have prevented many uninsured depositors from causing a bank run, the agencies said. That could make it easier for the FDIC to seize and sell a failed bank, something the agency struggled to do in a timely manner with SVB and Signature Bank.

Persons: Greg Baer, ” Baer, Martin Gruenberg, ” Banks Organizations: New, New York CNN, Federal Deposit Insurance Corporation, Federal Reserve, Currency, FDIC’s, Insurance Fund, Silicon Valley Bank, Signature Bank, Bank, JPMorgan Chase, Bank Policy Institute, FDIC Locations: New York

Read our review Read Our Review A looong arrow, pointing rightThe Best CD RatesTop CD Rates by TermMany of the best CD rates are offered by credit unions right now. Market LeaderAlpena Alcona Area Credit Union (7-month term) paying 7.19% APYTo open a CD at Alpena Alcona Area Credit Union, you must qualify for membership. About the Best CD IssuersAlpena Alcona Area Credit Union 7-Month CDWhy it stands out: Alpena Alcona Area Credit Union has the highest CD rate available right now. Dow Credit Union Simple CDWhy it stands out: Dow Credit Union is a solid choice if you prioritize banking with a credit union. GTE Financial Credit Union Share CertificateWhy it stands out: GTE Financial Credit Union is a good option if you're searching for a 4-year share certificate.

Persons: we've, Alden B, Sallie Mae, Mae, they're, Landry, that’s, that's, Raisin, Mykail James, Roger Ma, it's, Tania Brown, Sophia Acevedo Organizations: Alliance Bank, Western Alliance Bank, Mint, FDIC, Chevron, Market, Credit Union, Union, Alpena Alcona, Dow Credit Union, DCU, NCUA, Dow Inc, Dow Corning Corporation, Employer Group, Dow Credit, Midland Center, Dow Museum of Science & Art, Midland Historical Society, Midland Country Club of Great, Virgin Islands, City National Bank of, Mae Bank, Reading Chevron, State Credit Union, Pelican State Credit Union, ARC Baton Rouge, Parents Association of Northwest Support, Federal Credit Union, Federal Credit, DC, U.S, Capital Historical Society, American Consumer Council, GTE Financial Credit, CUSavers, NCUA Department of Commerce Federal Credit Union, Commerce Federal Credit Union, Department of Commerce Federal Credit Union's, of Commerce Federal Credit Union, Department of Commerce Federal Credit, US Department of Commerce, NOAA, White House Management, Administration, American Consumer, Ponce Bank, Ponce, Credit, Midland Area Community Foundation, Pelican State Credit, Services, Parents, GTE Financial, GTE Financial Credit Union, GTE, of Commerce Federal Credit, Department of Commerce Federal Credit Union, Administration Office, Finance, Federal Reserve, Federal, Limelight, National Bank of America, Technology Credit, Barclays, NASA Federal Credit, Western Alliance, Banks, Citi, PNC Bank, of America, Chase Bank, Charles Schwab Bank, Wells Locations: Alpena Alcona, Michigan, Alpena, Midland , Michigan, Midland Country Club of Great Lakes, Florida, Somoa, Guam, Northern Mariana Islands, Chevron, City National Bank of Florida, NCUA, Louisiana, Rapise, St, Tammany Parish, Alexandria , Virginia, Washington, Washington ,, Maryland, Virgin, Pelican, Ponce

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