Banks holding customer funds for money management apps should keep track of customers’ identities and balances, the agency says.
Category: Deposit Insurance
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Biden’s Pick to Lead F.D.I.C. Faces Little Resistance in Senate Hearing
Nominated for chair of the Federal Deposit Insurance Corporation, Christy Goldsmith Romero was cheered by Democrats and accepted by Republicans at a hearing.
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Regulators Seize Republic First, a Troubled Philadelphia Bank
The relatively small bank, the first to fail this year, will have its deposits assumed by another Pennsylvania lender, Fulton Bank.
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JPMorgan Chase, Bank of America and Wells Fargo Earned Billions
JPMorgan Chase, Bank of America and Wells Fargo reported healthy quarterly profits despite having to pay to replenish the industry’s deposit insurance fund.
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The Risks of Storing Money in Apps Like Venmo and Cash App
The Consumer Financial Protection Bureau is warning that the funds may be at risk if the app’s parent company runs into trouble.
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Smaller Banks Are Scrambling as Share Prices Plunge
Investors are not convinced that regional banks including PacWest and Western Alliance can remain viable. Some are actively betting on their demise.
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Late-Night Negotiating Frenzy Left First Republic in JPMorgan’s Control
The resolution of First Republic Bank came after a frantic night of deal making by government officials and executives at the country’s biggest bank.
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F.D.I.C. Proposes Broadening Bank Insurance for Businesses
The recommendations followed concerns that fueled a run on several banks.
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First Republic Bank Is Seized by Regulators and Sold to JPMorgan Chase
As part of its deal, 84 First Republic branches in eight states will reopen as JPMorgan branches on Monday.
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First Republic Nears Federal Seizure as F.D.I.C. Seeks Buyers
JPMorgan and PNC, two of the country’s largest banks are said to be interested in acquiring the troubled lender after it is seized by the Federal Deposit Insurance Corporation.
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How Silicon Valley Bank’s Failure Could Have Spread Far and Wide
New research suggests large parts of the country remain vulnerable to widespread bank failure in the event of a run on deposits.
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How Far Can Regulators Go to Protect Uninsured Deposits?
The New York Times – Business:Regulators can protect deposits over $250,000 if they determine that a bank’s failure pose a systemic risk, but some lawmakers have pushed for more sweeping coverage.