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Search resuls for: "FDIC’s"


9 mentions found


☆ How 'bailout' became a dirty word
  + stars: | 2023-03-15 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +5 min
New York CNN —“Bailout” became a curse word in American politics following the 2008 global financial crisis, fueling backlash among people who felt the risks and potential consequences of capitalism didn’t apply to big corporations or the wealthy. A financial bailout is generally considered to be providing compensation for losses when there was reckless, irresponsible or nefarious behavior at play, he added. “Bailout is a dirty word. The politics of bailoutsBailout politics have returned in response to the Silicon Valley and Signature meltdown. If those depositors are made whole, that would constitute a bailout, he said.
☆ Big banks experience deposit spike after Silicon Valley Bank collapse
  + stars: | 2023-03-15 | by ( Matt Egan | ) edition.cnn.com   time to read: +2 min
Bank of America (BAC), Wells Fargo (WFC) and Citigroup (C) have all experienced a significant increase in deposits since Silicon Valley Bank ran into trouble last week, people familiar with the matter tell CNN. Last Thursday alone customers yanked $42 billion from Silicon Valley Bank, draining the California lender of all of its cash. Bank of America, Wells Fargo and Citi declined to comment. But the FDIC insures deposits up to $250,000 per bank per borrower, regardless of if the accounts are at small, medium or large banks. Analysts say the FDIC’s decision to rescue uninsured depositors at Silicon Valley Bank and Signature Bank suggests regulators would be forced to do the same if another bank collapsed.
☆ SVB fallout: Is my money safe?
  + stars: | 2023-03-13 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +6 min
New York CNN —The question on so many bank customers’ minds in the aftermath of Silicon Valley Bank’s stunning collapse: Is my money safe? US customers held at least $151.5 billion in uninsured deposits by the end of 2022, SVB’s latest annual report said. But before markets opened this week, the Biden administration took an extraordinary step, guaranteeing that SVB customers will have access to all their money starting Monday, even uninsured deposits. Many SVB customers had much more than $250,000 deposited and now that they can’t get their money, some companies are struggling to make payroll. “I don’t think people should panic, but it’s just prudent to have insured deposits versus uninsured deposits,” Hatfield said.
☆ US stems SVB fallout by backing customer deposits
  + stars: | 2023-03-12 | by ( Andrea Shalal | Sarah N. Lynch | Lananh Nguyen | ) www.reuters.com   time to read: +3 min
The move will not lead to losses by American taxpayers and all depositors will be made whole, the statement said. “Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” the statement said. SVB equity and bondholders would be wiped out, said the official, who briefed reporters after the announcement. The Biden administration will work with Congress and financial regulators to consider additional actions to further strengthen the financial system, the official said. The official said the economy remains in good shape but officials would continue to take steps to ensure the financial system remains strong.
☆ Takeaways from America’s second-largest bank failure
  + stars: | 2023-03-11 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +7 min
New York CNN —Silicon Valley Bank’s 48-hour collapse led to the second-largest failure of a financial institution in US history. Its stunning, and seemingly rapid, fall is the largest shutdown of a US bank since Washington Mutual in 2008. “That’s because its depositors were withdrawing their money so fast that the bank was insolvent, and an intraday closure was unavoidable due to a classic bank run.”High interest rates led to its demiseTo combat rampant inflation, the central bank has been aggressively raising interest rates since 2022. When interest rates were near historical lows, the banks bought up on long-dated, seemingly low-risk Treasuries. Faced with these higher interest rates, loss of IPOs and a funding drought, SVB’s clients began pulling money out of the bank.
☆ How High Will Savings Rates Go in 2023?
  + stars: | 2022-12-08 | by ( ) www.wsj.com   time to read: +6 min
By Steve GarmhausenInterest rates on savings accounts have been rising fast, and savers are likely to see more improvements in 2023. Where are interest rates headed in 2023? Will savings rates go up in 2023? Though they take their cues from the fed-funds rate, banks tend to take weeks or even months to hike their savings account rates. The Fed could cut rates sooner than expected, pulling savings rates down in the process.
☆ Shinhan Financial’s U.S. Unit Ordered to Beef Up Money Laundering Oversight
  + stars: | 2022-11-25 | by ( Richard Vanderford | ) www.wsj.com   time to read: +3 min
Shinhan Bank America neither admitted nor denied any allegations of unsound banking practices or violations of the law, the order, which was issued with Shinhan Bank America’s consent, said. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. PREVIEWShinhan Bank America operates 15 branches in the U.S., mostly in places with relatively large Korean populations, including New York, California, Texas and Georgia. The FDIC also ordered Shinhan Bank America to adopt an effective training program to educate its staff on AML policies and to validate its suspicious-activity monitoring system. Mr. Song in his lawsuit said the then-chief executive of Shinhan Bank America demanded that he alter an internal audit report’s conclusion that Shinhan Bank America had an unsatisfactory AML program.
☆ How to Choose the Best High-Yield Savings Account for You
  + stars: | 2022-06-09 | by ( ) www.wsj.com   time to read: +9 min
By Beth PinskerIf you search for the best available high-yield savings offers, it can be hard to tell whether what you see advertised is being offered by an actual bank. High-yield savings accounts offer a much higher return for customers on savings than the national average, although there’s no fixed scale. What should you look for in a high-yield savings offer? What is FDIC insurance and why is it important for high-yield savings accounts? Which banks can I trust for a high-yield savings account?
☆ How to Choose the Best High-Yield Savings Account
  + stars: | 2022-06-09 | by ( ) www.wsj.com   time to read: +9 min
By Beth PinskerIf you search for the best available high-yield savings offers, it can be hard to tell whether what you see advertised is being offered by an actual bank. High-yield savings accounts offer a much higher return for customers on savings than the national average, although there’s no fixed scale. What should you look for in a high-yield savings offer? What is FDIC insurance and why is it important for high-yield savings accounts? Which banks can I trust for a high-yield savings account?
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