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WASHINGTON, March 28 (Reuters) - Lawmakers are expected to put top U.S. bank regulators on the defensive over the unexpected failures of regional lenders Silicon Valley Bank and Signature Bank when they testify before Congress on Tuesday. Regulators have vowed to review their rules and procedures after the twin failures while insisting the overall system remains sound. Tuesday's hearing at the Senate Banking Committee will give lawmakers the chance to press watchdogs on what went wrong on their watch, and push preferred policy prescriptions. They just didn't," said Sen. Tim Scott of South Carolina, the top Republican on the Senate Banking Committee, at a banking industry conference last week. Some Democrats, including major bank critic Senator Elizabeth Warren of Massachusetts, have also argued a 2018 bank deregulation law is to blame.

March 27 (Reuters) - The Federal Deposit Insurance Corp (FDIC) and its flagship deposit insurance fund have been active since the Great Depression to provide an orderly resolution for failed banks and to reimburse certain customer accounts. Here's what you need to know about the fund and how it works:WHAT IS THE DEPOSIT INSURANCE FUND? The FDIC's deposit insurance fund helps to fulfill the agency's guarantee of bank deposits up to $250,000. As of the end of last year, the deposit insurance fund balance stood at $128.2 billion. The FDIC by law is required to resolve failed banks using the least costly option to minimize losses to its deposit insurance fund.

Discussions between the SEC and Coinbase broke down in recent weeks, with one source saying the two sides had moved "further apart." The crypto industry believes it operates in a regulatory gray area not governed by existing U.S. securities laws - and that new legislation is needed to regulate the industry. "But if necessary, we welcome the opportunity for Coinbase and the broader crypto community to get clarity in court." Prior to Gensler's arrival, the SEC engaged in targeted enforcement, but the Democratic chair has ratcheted up focus on crypto platforms themselves. "There couldn't be a more significant development for crypto markets and crypto investors," said Philip Moustakis, former SEC enforcement lawyer and partner with Seward and Kissel LLP in New York.

March 23 (Reuters) - The U.S. Securities and Exchange Commission on Thursday issued an investor alert warning that firms offering crypto asset securities may not be complying with U.S. laws. Unregistered offerings of such securities may not provide important data, including audited financial statements, for informed decision making, the SEC said. The securities watchdog has been cracking down on the crypto industry, which its chair has called a "Wild West" riddled with misconduct. Crypto exchange Coinbase (COIN.O) announced on Wednesday that it had received a Wells notice - a formal declaration that SEC staff intend to recommend an enforcement action. "Crypto asset entities might use these in lieu of audited financial statements in order to obscure and confuse customers about the safety of their assets," the SEC said.

Currently, the Federal Deposit Insurance Corp (FDIC)guarantees deposits of up to $250,000 per person, per bank. More than $9.2 trillion of U.S. bank deposits were uninsured at the end of last year, accounting for more than 40% of all deposits, according to U.S. central bank data. COULD THE GOVERNMENT RAISE THE DEPOSIT INSURANCE LIMIT? Some U.S. lawmakers have said Congress should consider whether a higher federal insurance limit on bank deposits was needed in the wake of the collapse of SVB and Signature Bank. Senator Elizabeth Warren, a Democrat, and Senator Mike Rounds, a Republican, have questioned whether the $250,000 deposit insurance limit is still appropriate.

"The bank run has abated for the moment, but that might be contingent on what the Fed signals today," said Adam Button, chief currency analyst at ForexLive in Toronto. "The risk is that the (Federal Open Market Committee) shatters the fragile calm in markets today... by acting too aggressively." The Fed meeting concludes on Wednesday with the 2 p.m. EDT (1800 GMT) release of a policy statement followed half an hour later by a news conference by Powell. Christopher Wong, currency strategist at OCBC, said the focus will be on how the Fed communicates its forward guidance, in particular "the higher for longer" rhetoric. The Japanese yen weakened 0.20% to 132.80 per dollar, while the Australian dollar rose 0.07% to $0.667.

Last year it breached liquidity requirements at some of its entities after an unsubstantiated social media report sparked client exits. In the U.S., the decision to insure all bank deposits after SVB was shuttered surprised many. QUICKLY DISAPPEARSome in the banking industry play down the risks of another SVB-style downfall spurred by social media. Regulators will also need to monitor social media and develop a set of protocols to guide how they respond, according to Patricia McCoy, a law professor at Boston College. "They need to be looking for any signs of unsubstantiated rumors, panic starting to mount on social media, and they've got to do it around the clock," she said.

March 22 (Reuters) - Stablecoin USDC's issuer Circle said its chief strategy officer's Twitter account was hacked on Wednesday, after the account posted a link appearing to offer holders of the stablecoin USDC a "one-time bonus" of free cryptocurrency. The Twitter account of Dante Disparte, Circle's chief strategy officer, sent a series of tweets appearing to address the stablecoin's recent move away from its dollar peg. One of the tweets - which is no longer visible - said that Circle "will be distributing a one-time bonus of USDC to all existing holders". "This bonus is our way of thanking you for your continued support and trust in USDC," the tweet said. Circle's official Twitter account said that Disparte's account had been "taken over by a scammer".

With the collapse of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) and the U.S. government backstopping all deposits at those firms, here is the state of play of deposit insurance in the United States:WHAT IS THE U.S DEPOSIT INSURANCE LIMIT? Currently, the Federal Deposit Insurance Corp (FDIC)guarantees deposits of up to $250,000 per person, per bank. Any losses to the FDIC's deposit insurance fund will be recovered by a special assessment on banks, the FDIC said. COULD THE GOVERNMENT RAISE THE DEPOSIT INSURANCE LIMIT? Senator Elizabeth Warren, a Democrat, and Senator Mike Rounds, a Republican, have questioned whether the $250,000 deposit insurance limit is still appropriate.

☆ Women's NCAA roundup: No. 8 Ole Miss upsets No. 1 Stanford
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +7 min

8 Ole Miss Rebels to their first Sweet 16 since 2007 by preventing No. Stanford (29-6) was led by Cameron Brink, who had 20 points, 13 rebounds and seven blocks, while Haley Jones chipped in 16 points and eight rebounds. Grace Stone had 16 points and Ellie Mitchell finished with nine points, 18 rebounds and three blocks. Elena Tsineke scored 20 points to pace South Florida (27-7), while Sammie Puisis finished with 11 points and four rebounds. The Irish closed the game on a 10-5 run, getting seven points from Citron during that stretch.

☆ Women's NCAA roundup: South Florida tops Marquette in OT
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +5 min

South Florida won 67-65. Mandatory Credit: Jeff Blake-USA TODAY SportsMarch 18 - Elena Tsineke's jumper with 31.2 seconds left lifted eighth-seeded South Florida to a 67-65 overtime win over ninth-seeded Marquette in the first round of the NCAA Tournament's Greenville 1 Regional on Friday in Columbia, S.C."What a way to start the NCAA Tournament," South Florida coach Jose Fernandez said. Dulcy Fankam Mendjiadeu had 22 points and 16 rebounds for the Bulls (27-6), with Tsineke adding 13 points. South Florida rallied from an 11-point deficit with 2:40 left in the third quarter to take a 59-55 lead with 31 seconds to play. Zia Cooke had 11 points and five rebounds, while Laeticia Amihere came off the bench to add 11 points for South Carolina, playing at home in Columbia.

☆ Women's NCAA roundup: No. 12 Florida Gulf Coast upsets No. 5 Washington State
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +5 min

5 seed in the first round of the NCAA Tournament, this time handing Pac-12 champs Washington State a 74-63 defeat in Villanova, Pa., on Saturday. Tishara Morehouse chipped in 16 points for the Eagles. The Cougars (23-11) were the Eagles' victims this time, as 16 points and 12 rebounds from Tara Wallack wasn't enough to propel Washington State to its fifth straight win. Here are more results from the first half of Saturday's action in the women's NCAA Tournament. It was the first-ever NCAA Tournament appearance for Saint Louis, which won the Atlantic 10 Tournament.

March 15 (Reuters) - The U.S. consumer finance watchdog launched an inquiry on Wednesday to examine companies that track and collect personal data, requesting public feedback about the business models and practices data brokers use. In one of his first moves as CFPB director in 2021, Rohit Chopra ordered Amazon.com Inc, Apple Inc and Facebook Inc to hand over information about how they gather and use consumer payment data. “Modern data surveillance practices have allowed companies to hover over our digital lives and monetize our most sensitive data,” said CFPB Director Rohit Chopra in a statement. “Our inquiry will inform whether rules under the Fair Credit Reporting Act reflect these market realities.”The CFPB is asking the public to submit information about the types of data brokers collect and the sources they rely upon, as well as people's direct experiences with data brokers, including when they attempt to remove or correct their data. Reporting by Hannah Lang in Washington; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

The Nor'easter left about 190,000 homes and businesses in New York and New England without power as of Wednesday morning, according PowerOutage.com, a tracking service. In California, about an equal number of customers had no electric service on Wednesday in the wake of the latest in a series of atmospheric river storms to churn through the state this winter. [1/3] A California plate is seen at an area affected by floods after days of heavy rain in Pajaro, California, U.S., March 14, 2023. Along California's coast and lower inland areas, the heavy rain and melting alpine snow triggered renewed flooding from rain-swollen rivers and streams, compromising levees. "It's a little too soon to say for sure if it's another atmospheric river, but the storm is coming," he said.

Signature was a traditional commercial bank with a wide range of activities and customers,” an NYDFS spokesperson said. The spokesperson added that as withdrawal requests ballooned over the weekend, Signature Bank failed to provide reliable and consistent data. In response to NYDFS' statement, Frank said he was surprised the regulator said the decision to close the bank was not related to cryptocurrency. Signature was a commercial bank with private client offices with nine national business lines including commercial real estate and digital asset banking. The FDIC established a "bridge" successor bank to Signature Bank on Sunday to enable depositors to access their funds.

[1/3] A person walks into the lobby of the Signature Bank headquarters, in New York City, U.S., March 13, 2023. Signature Bank did not immediately respond to a request for comment. Signature was a traditional commercial bank with a wide range of activities and customers,” an NYDFS spokesperson said. The spokesperson added that as withdrawal requests ballooned over the weekend, Signature Bank failed to provide reliable and consistent data. The FDIC established a "bridge" successor bank to Signature Bank on Sunday to enable depositors to access their funds.

[1/7] Floodwaters from the Pajaro River are seen flowing under Highway 1, currently closed by officials, in Monterey County, California, U.S. March 14, 2023. read moreNine atmospheric rivers already lashed California in rapid succession from late December through mid-January, triggering widespread flooding, levee failures, mudslides and punishing surf. Massive flooding from failed levees on the Pajaro River in Monterey County this weekend prompted hundreds of evacuations and dozens of water rescues. Mandatory evacuation orders remained in effect for residents in 10 California counties on Tuesday, according to the Federal Emergency Management Agency. Reporting by Rich McKay in Atlanta and Nathan Frandino in Monterey County, California; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

March 12 (Reuters) - State regulators closed New York-based Signature Bank (SBNY.O) on Sunday, the third largest failure in U.S. banking history, two days after authorities shuttered Silicon Valley Bank (SIVB.O) in a collapse that stranded billions in deposits. All of the depositors of Signature Bank and Silicon Valley Bank will be made whole, and "no losses will be borne by the taxpayer," the U.S. Treasury Department and other bank regulators said in a joint statement. Signature's failure followed Silicon Valley Bank's Friday shutdown, the second largest in U.S. history behind Washington Mutual, which collapsed during the 2008 financial crisis. Signature Bank's depositors and borrowers will automatically become customers of the bridge bank, the FDIC said. Signature Bank cut ties with Trump in 2021 following the deadly Jan. 6 riots on Capitol Hill, and urged Trump to resign.

The U.S. Treasury Department and other bank regulators said in a joint statement on Sunday that all depositors of Signature Bank will be made whole, and "no losses will be borne by the taxpayer." Signature Bank reported deposit balances totaling $89.17 billion as of March 8. Representatives for Signature Bank did not immediately respond to a request for comment. The FDIC on Sunday established a "bridge" successor bank to Signature Bank, which will enable customers to access their funds on Monday. Signature Bank's depositors and borrowers will automatically become customers of the bridge bank, the FDIC said.

March 10 (Reuters) - Greg Becker, the chief executive officer who presided over the collapsed Silicon Valley Bank, joined the company three decades ago as a loan officer. Becker graduated from Indiana University with a bachelor's degree in business, according to Silicon Valley Bank's website. When his manager left to work for Silicon Valley Bank, Becker followed, he said in 2021 on a Bloomberg podcast. Representatives for Silicon Valley Bank did not immediately respond to a request for comment. Before becoming president and CEO of SVB Financial Group, Becker co-founded SVB Capital, the company's investment arm.

☆ Top 25 roundup: No. 4 UCLA edges Colorado to claim Pac-12 title
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +3 min

[1/3] Feb 26, 2023; Boulder, Colorado, USA; UCLA Bruins guard Jaime Jaquez Jr. (24) shoots the ball past Colorado Buffaloes guard Luke O'Brien (0) in the second half at the CU Events Center. The Bruins (25-4, 16-2 Pac-12) came into Sunday's matchup needing a win to claim an outright league title, thanks to Arizona's loss on Saturday to Arizona State. However, Colorado jumped to an early lead of 10 points then exchanged the advantage with the visitors throughout the second half. Primo Spears tallied 26 points to lead Georgetown (7-23, 2-17), which has lost its last 12 games against Top 25 teams. Chase Audige had 16 points to pace the Wildcats, but only two came in the second half.

☆ Thousands without power as California storms bring rain, snow and cold
▼ + stars: | 2023-02-25 | by ( Sharon Bernstein | ) www.reuters.com time to read: +3 min

[1/5] The Los Angeles river during a rare cold winter storm in the Los Angeles area, in Los Angeles, California, U.S., February 24, 2023. REUTERS/Aude GuerrucciFeb 25 (Reuters) - Nearly 85,000 households and businesses were without power in the Los Angeles area on Saturday, as storms continued to pummel parts of California, bringing snow to higher elevations and dumping rain and hail in the flatlands. In Southern California, "this is a rare case of a cold, significant storm event," Jackson said. On Saturday, scattered showers and isolated thunderstorms were expected to bring rain, hail and a mixture of snow and moisture called "graupel" to the area, the National Weather Service said. Reporting by Sharon Bernstein in Sacramento, California; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Southern California delights in rare snowfall as winter blast lingers
▼ + stars: | 2023-02-24 | by ( Rich Mckay | ) www.reuters.com time to read: +4 min

[1/2] The Hollywood sign is seen through clouds during rare cold winter weather, in Los Angeles, California, U.S., February 24, 2023. The storm was expected to strengthen on Friday and linger over California through Saturday, the National Weather Service said. In Southern California, "this is a rare case of a cold, significant storm event," Jackson said. SEVEN FEET OF SNOW IN SOME SPOTSEven before the latest storm in California, much of the state has experienced an unusually rainy, chilly winter. Heavy rain will inundate many parts of California through Saturday, the weather service said.

☆ Massive snowstorm closes schools, grounds flights in U.S. heartland
▼ + stars: | 2023-02-22 | by ( Brendan O'Brien | ) www.reuters.com time to read: +3 min

The storm hit California on Tuesday and was expected to continue through the end of the week. In Central California, the weather iced over roadways, the weather service reported. More than 100,000 homes and businesses were without power, largely in Central California, according to the tracking site Poweroutage.us. Among the hardest-hit cities was Minneapolis, where some 20 inches (50 cm) of snow and 45-mph (72-kph) winds were expected to create whiteouts. The storm wreaked havoc on morning air travel as hundreds of flights were delayed or canceled across the nation.

☆ Winter storm threatens record snowfall in parts of US
▼ + stars: | 2023-02-21 | by ( Brendan O'Brien | ) www.reuters.com time to read: +5 min

[1/5] Waves come to shore along the coastline as a winter storm approaches Oceanside, California, U.S., February 21, 2023. REUTERS/Mike BlakeCHICAGO, Feb 21 (Reuters) - A winter storm spreading across the U.S. West into the Northern Plains and Midwest on Tuesday could produce blizzards, brutal cold, and record snowfall, making roads treacherous and disrupting air travel. The National Weather Service issued winter storm, blizzard and high-wind advisories for large parts of the western and north-central United States. The agency said these areas will also be under a winter storm warning until Friday and advised people against traveling. Although the snow storm could wreak havoc on daily life, it was welcomed by skiers.

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