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A pedestrian walks past the Federal Reserve Headquarters on March 21 in Washington, DC. Daines also accused the Federal Reserve Bank of San Francisco of prioritizing addressing climate change over the risks presented by higher interest rates. In an interview with Montana Public Radio in 2014, Daines said that "the jury’s still out" on whether climate change is real. These responsibilities are tightly linked to our responsibilities for bank supervision. The public reasonably expects supervisors to require that banks understand, and appropriately manage, their material risks, including the financial risks of climate change.”

☆ Premarket stocks: Silicon Valley Bank left a void that won't easily be filled
▼ + stars: | 2023-03-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

There’s no doubt that the failure of Silicon Valley Bank left a large void in tech. To find out, Before the Bell spoke with Ahmad Thomas, president and CEO of the Silicon Valley Leadership Group. Before the Bell: What’s the feeling on the ground with tech and VC leadership in Silicon Valley? Ahmad Thomas: Silicon Valley Bank has been a key part of our fabric here for four decades. FDIC sells most of failed Signature Bank to FlagstarFrom CNN’s David GoldmanA week after Signature Bank failed, the Federal Deposit Insurance Corporation said it has sold most of its deposits to Flagstar Bank, a subsidiary of New York Community Bank.

☆ Premarket Stocks: Who do we blame for the fall of SVB?
▼ + stars: | 2023-03-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Blame the Fed: SVB’s downfall was largely caused by a record $42 billion bank run that left the bank in desperate need of cash. But the Fed’s rate hikes had undermined the value of bonds, a critical source of capital for SVB. “The Federal Reserve failed as a bank supervisor,” he wrote. On Capitol Hill, frequent Fed critic Sen. Elizabeth Warren has been quick to blame Federal Reserve Chair Jerome Powell for a lack of oversight. Blame SVB: Others say the blame should be placed on the banks themselves.

☆ U.S. Federal Reserve to review its oversight of Silicon Valley Bank
▼ + stars: | 2023-03-13 | by ( Pete Schroeder | ) www.reuters.com time to read: +2 min

WASHINGTON, March 13 (Reuters) - The U.S. Federal Reserve announced on Monday it is reviewing its oversight of Silicon Valley Bank (SIVB.O) in the wake of its abrupt failure Friday. The Federal Reserve Bank of San Francisco was responsible for Silicon Valley Bank's supervision. "The San Francisco Fed had all the tools necessary to prevent this from happening," Senator Bill Hagerty, a Tennessee Republican, said in an interview. "We need to understand why the San Francisco Fed wasn’t utilizing all the tools at its disposal from an oversight standpoint." A spokesperson for the San Francisco Fed did not immediately respond to a request for comment.

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.

☆ CEO of failed Silicon Valley Bank no longer a director at SF Fed
▼ + stars: | 2023-03-10 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

March 10 (Reuters) - The chief executive officer of failed Silicon Valley Bank, Greg Becker, is no longer on the board of directors at the Federal Reserve Bank of San Francisco. The spokesperson declined to say how Becker exited the San Francisco Fed board. Becker served as a Class A director at the San Francisco Fed, one of three finance executives representing member banks in the San Francisco Fed district. The 12 regional Federal Reserve banks are quasi-private institutions overseen by the Fed in Washington. The directors of the Fed banks have been in the spotlight in recent years as the central bank has faced criticism that bank directors lacked racial and gender diversity and were too weighted towards the business and banking community.

☆ It's official: Remote work is going to make it easier to buy a home
▼ + stars: | 2023-01-04 | by ( James Rodriguez | ) www.businessinsider.com time to read: +12 min

Remote work pushed housing trends into warp speedIn some ways, the pandemic's housing shifts were a long time coming. The shift to remote work also hastened many people's desire for more space. Across the country, remote workers chose to part ways with roommates or seek out larger homes. Elon Musk asserted his authority at Twitter by putting an end to remote work. On the other hand, as my colleague Aki Ito previously argued, a recession could further ingrain remote work as employers look to cut spending on real estate.

☆ Sen. Warren demands answers from Silvergate Bank about its business dealings with FTX
▼ + stars: | 2022-12-06 | by ( Gretchen Morgenson | Gretchen Morgenson Is The Senior Financial Reporter For The Nbc News Investigative Unit. A Former Stockbroker | She Won The Pulitzer Prize In For Her | ) www.nbcnews.com time to read: +13 min

“Life as a crypto firm can be divided up into before Silvergate and after Silvergate,” Bankman-Fried gushed in a testimonial featured recently, and prominently, on Silvergate Bank’s website. But in a conversation with an investment manager, a former top FTX employee said Silvergate was FTX’s primary banking partner. As a regulated bank, Silvergate has a duty to monitor clients’ accounts for suspicious activities that could signal fraud, money laundering or tax evasion, the filings note. FTX frequently used the Silvergate Exchange Network, according to the former FTX employee with direct knowledge of the transactions. A Silvergate spokeswoman said the change reflected a shift in functions taken on by a new president at the bank.

☆ The softening of real estate prices in the hottest pandemic markets only confirms that the surge in remote work created the illusion of a housing shortage
▼ + stars: | 2022-11-22 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

Their presence led to a run-up in housing costs and real estate investor activity. But elevated home prices are "being misinterpreted as a shortage" says Erin Sykes, economist for Nest Seekers. "I'm not convinced there is a housing shortage, more so a mismatch of housing types and locations," she told Insider. According to an October housing report from ATTOM, institutional investors nationwide accounted for only 6.7% of housing inventory in the third-quarter of 2022 — down from the 8.4% seen in Q3 of 2021. As homebuyer and investor activity fades, and more employers call workers back into the office, Sykes says the so-called housing shortage could be on its last leg.

☆ Fed's Daly: Lots of options on table for December FOMC rate hike
▼ + stars: | 2022-11-21 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

"I tend to be on the more hawkish side of the distribution” of policymakers, Daly told reporters on a conference call on Monday. While it’s likely the Fed will stop raising rates next year when its target rate, now at between 3.75% and 4%, hits 5%, “we could go higher” if inflation does not moderate, she said. Daly added that while there have been signs inflation may be starting to cool off, “it is way too early to call a turning point” for price pressures. Some policymakers have signaled an openness to smaller- sized rate rises after the aggressive path of increases seen so far this year. Reporting by Michael S. Derby; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ Fed's Daly: Currently expect fed funds rate to top out around 5%
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Nov 21 (Reuters) - Federal Reserve Bank of San Francisco leader Mary Daly said on Monday she is still expecting the U.S. central bank to hike rates more and will likely lift its interest rate target to around 5%. While the end state of the central bank’s rate rise campaign is “not set in stone” it remains likely the Fed will get to around 5%, or somewhere between 4.75% and 5.25%, Daly said in an address to the Orange County Business Council in California. The current federal funds rate stands at between 3.75% and 4%. The rate setting Federal Open Market Committee is almost certain to raise that rate when it meets next month. Reporting by Michael S. Derby Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ The pivot to remote work accounted for 60% of the US home-price surge, study says
▼ + stars: | 2022-09-28 | by ( Alcynna Lloyd | Ben Winck | ) www.businessinsider.com time to read: +4 min

The shift to remote work fueled 60% of the pandemic-era home price rally, a new Fed study found. For every percentage point that remote work increased, home values rose 0.9 points, the researchers found. Remote work increased to 16 percentage points from November 2019 to November 2021, according to the study. That implies that remote work alone lifted home prices 15% over that period, and accounted for more than 60% of the overall increase in home values. "This is especially true when we look at the geographical implications of remote work.

☆ Home-prices growth slowed by the most on record in 'forceful deceleration' in July, S&P Case-Shiller says
▼ + stars: | 2022-09-27 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Growth in house prices slowed at the fastest rate on record in July, according to the S&P CoreLogic Case-Shiller index released Tuesday. Mortgage rates have jumped to more than 6% this year as the Fed raises interest rates. "Although U.S. housing prices remain substantially above their year-ago levels, July's report reflects a forceful deceleration," Craig Lazzara, managing director at S&P DJI, said in the report. "The -2.3% difference between those two monthly rates of gain is the largest deceleration in the history of the index." The Fed last week raised interest rates by another 75 basis points to bring the fed funds rate to a range of 3% to 3.25%.

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