Banc of California to buy troubled PacWest Bancorp, which came close to failing earlier this year
The Banc of California has agreed to buy PacWest Bancorp in an all-stock transaction, bringing an end to months of speculation about whether PacWest could survive on its own after the failures of three other regional banks this spring.
The largest US banks would survive a severe recession, the Fed's 'stress tests' show
The nationโs 23 largest banks passed the Federal Reserveโs so-called stress tests this year, a sign that the nationโs banking system remains resilient despite the recent banking crisis that that led to the failure of three banks.
Money stored in Venmo, other payment apps could be vulnerable, financial watchdog warns
Customers of Venmo, PayPal and CashApp should not store their money for the long term with these apps since their funds may not be covered by deposit insurance, the Consumer Financial Protection Bureau warned on Thursday.
Fed faults Silicon Valley Bank execs, itself in bank failure
The Federal Reserve blamed last monthโs collapse of Silicon Valley Bank on poor management, watered-down regulations and lax oversight by its own staffers, and said the industry needs stricter policing on multiple fronts to prevent future bank failures.
First Republic Bank stock plunges as depositors flee
First Republic Bankโs stock plunged Tuesday after it said depositors withdrew more than $100 billion during last monthโs crisis, with fears swirling that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.
Fed official: Bank rules under review in wake of SVB failure
The Federal Reserveโs bank supervisors informed Silicon Valley Bankโs management as early as the fall of 2021 of risks stemming from its unusual business model, a top Fed official said, but the bankโs managers failed to take the steps necessary to fix its problems.
Fed official: SVB itself was main cause of bank's failure
The nationโs top financial regulator is asserting that Silicon Valley Bankโs own management was largely to blame for the bankโs failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse.
Europe's central bank backs big rate hike despite bank chaos
The European Central Bank has carried through with a large interest rate increase, brushing aside predictions it might dial back as U.S. bank collapses and troubles at Credit Suisse feed fears about the impact of higher rates on the global banking system.
Will the governmentโs moves to stabilize banks work?
Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe.
US government moves to stop potential banking crisis
The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring depositors at the failed financial institution that they would be able to access all of their money quickly.
A major bank failed. Hereโs why itโs not 2008 again
The financial institution best known for its relationships with high-flying world technology startups and venture capital, Silicon Valley Bank, experienced one of the oldest problems in banking โ a bank run โ which led to its failure on Friday.