The Latest

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  Yellen: Government could insure more deposits to stem contagion

  The federal government’s decision to backstop funds at Silicon Valley Bank and Signature Bank could be extended to smaller firms that experience similar deposit runs, the treasury secretary said.

  Regulations & Policy

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  Texas adds HSBC to divestment list

  The British bank in December said it would no longer finance new oil and gas fields. Texas’ comptroller called the policy update “a prime example” of a bank “push[ing] a social agenda ... over the economic health of [its] clients.”

  Regulations & Policy

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  Several Epstein claims dismissed against JPMorgan, Deutsche

  Each bank, however, still must face four claims, a judge ruled Monday. A lawyer for an alleged Epstein victim called it a "monumental victory." 

  Commercial

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  FDIC pushes SVB bid deadline to Friday

  The regulator says it's seen "substantial interest." The FDIC split the auction process, allowing bidders to make separate offers for Silicon Valley Private Bank by Wednesday.

  Commercial

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  FTX debtors sue Bahamas arm over ownership claims

  FTX Trading, FTX US and others claim that FTX Digital Markets was merely a “corporate shell.” FTX Digital Markets, meanwhile, claims to be the “constructive owner” of FTX’s assets.

  Technology

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  NYCB’s Flagstar to buy large portion of Signature Bank

  Although Signature has been a darling in the crypto world for years, NYCB won’t be touching that business.

  Commercial

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  Powell, Goldman and FDIC rules are targets in wake of SVB’s failure

  Sen. Elizabeth Warren sent a pointed letter to the Fed chair. President Joe Biden wants Congress to expand FDIC authority. And 20 Democrats raise concern over Goldman's dual role with the failed bank.

  Regulations & Policy

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  UBS to buy Credit Suisse in $3.25B government-backed deal

  UBS Chair Colm Kelleher said he will slim down Credit Suisse’s investment banking arm, likely bringing an end to the CS First Boston spinoff.

  Commercial

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  With tech’s favorite banks in turmoil, some are choosing loyalty

  After a week of several high-profile bank failures and near-failures, some fintechs don’t see jumping ship as an option.

  Commercial

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  SVB’s parent company files for bankruptcy protection

  The move will allow SVB Financial Group “to preserve value as it evaluates strategic alternatives” for venture-capital business SVB Capital and broker-dealer SVB Securities, the company said.

  Commercial

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  11 banks deposit $30B in ailing First Republic

  The joint action from the nation’s largest banks follows the collapse of Silicon Valley Bank and Signature Bank, events that have shaken the banking industry and sowed fears of contagion.

  Commercial

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  Investors sue Credit Suisse over ‘misleading’ 2021 report

  The suit comes as the Swiss National Bank gave the lender a $54 billion lifeline. Credit Suisse on Tuesday detailed "material weaknesses" for 2022 in a delayed report.

  Commercial

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  Wells Fargo ex-exec Tolstedt fined $17M by OCC

  The former retail-banking chief, who will plead guilty to obstructing a bank examination, faces 16 months in prison in the plea deal and has agreed to a ban from the banking industry.

  Retail

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  Deep Dive

  ‘Meme stock in reverse’: SVB collapse portends new era of viral bank runs

  SVB’s demise gave the banking sector a glimpse into how social media and digital banking can turn a financial institution from operational to insolvent in a matter of hours.

  Commercial

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  A look at SVB’s new CEO, Tim Mayopoulos

  The former Fannie Mae CEO on Tuesday urged clients who left SVB in the past week to return. The FDIC allegedly has targeted Mayopoulos since 2017 as someone who could steer a seized bank.

  Commercial

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  Fintechs offer expanded FDIC insurance in wake of SVB failure

  “It is abundantly clear that $250K FDIC insurance is not enough for startups,” Immad Akhund, CEO of neobank Mercury, said after Silicon Valley Bank’s collapse.

  Commercial

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  How fintech founders navigated the SVB collapse

  While many have moved their funds to other banks, some are staying put for now.

  Commercial

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  Michigan’s Sterling Bancorp pleads guilty in $69M securities fraud

  Sterling’s Advantage Loan Program did not require documents such as tax returns from borrowers. But the bank required a minimum 35% down payment and charged higher fees than competitors, the DOJ said.

  Commercial

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  Credit Suisse borrows $54B from Swiss central bank

  The embattled bank called the loan a “decisive action to pre-emptively strengthen its liquidity.”

  Commercial

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  Nearly 30% of CFOs aim to diversify deposits after bank failures: study

  CFOs should avoid “shifting deposits too quickly away from banks that are not at risk of failure and harming their relationship rates and terms” but also should not act hesitantly, a Gartner executive said.

  Commercial

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  Fed targets July launch for real-time payments service

  The central bank aims to begin certifying FedNow participants next month, it said in a Wednesday release.

  Payments

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  Fed considers stricter capital requirements for midsize banks

  Sen. Elizabeth Warren, D-MA, on Tuesday proposed a legislative route to do the same, but Republicans and even some Democrats are waiting on the Fed's review of recent bank failures.

  Regulations & Policy

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  Anchorage Digital cuts 20% of staff

  “The need for better crypto infrastructure is growing ever clearer,” the company told Bloomberg amid a seven-day span that has seen the closure of three banks heavily invested in the crypto sector.

  Technology

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  Signature Bank faces investor lawsuit in aftermath of its closure

  A complaint takes aim in large part at a press release the bank released three days before its closure, in which it indicated it was in strong financial position.

  Commercial

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  Silicon Valley Bank investors sue collapsed firm’s CEO, CFO

  The proposed class action alleges the failed bank, CEO Greg Becker and CFO Daniel Beck concealed from investors the impact that high interest rates would have on the tech-focused firm’s business.

  Commercial

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