Big Banks Will Need to Hold More Capital Under New Fed Proposal
The nation’s biggest and most complex banks will need to hold additional capital on their balance sheets under an initial proposal by the Federal Reserve and FDIC.
Fed Faults Silicon Valley Bank Execs, Itself in Bank Failure
Silicon Valley Bank failed due to a combination of extremely poor bank management, weakened regulations and lax government supervision, the Federal Reserve said Friday, in a highly-anticipated review of how the central bank failed to properly supervise the bank before it collapsed early last month.
Dimon: Bank Rules Should Change After Silicon Valley Bank Failure
JPMorgan CEO Jamie Dimon said the U.S. and the banking industry should amend regulations following the collapse of Silicon Valley Bank and Signature Bank last month, saying that the financial system needs to be adjusted so that one bank’s failure does not “cause undue panic and financial harm.”
Biden Calls to Revive Bank Regulations Trump Weakened
Weeks after the failure of two banks, President Joe Biden called Thursday for independent regulatory agencies to impose tighter rules on the financial system, telling them that they can act under current law without additional steps taken by Congress.
Bank Rules Under Review in Wake of SVB Failure
Michael Barr, the nation’s top banking regulator, said during a Senate Banking Committee hearing that the Fed is considering whether stronger bank rules are needed to prevent a similar failure in the future.
Fed’s Barr: SVB Execs Main Cause of Bank’s Failure
The nation’s top financial regulator is asserting that Silicon Valley Bank’s own management was largely to blame for the bank’s 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.
Anger in Congress on Bank Failures, but Division on What to Do
While President Joe Biden called Monday on Congress to strengthen the rules for banks to prevent future failures, lawmakers are divided on whether any legislation is needed. And some congressional leaders are skeptical that a closely divided Congress will act at all.
Banks, Experts Look for Ways to Prevent Next Crisis
None of the warning signs before Silicon Valley Bank’s collapse were secret. Yet bank supervisors at the Federal Reserve Bank of San Francisco and the state of California did nothing as the bank rolled over the cliff.
Fed Criticized for Missing SVB Red Flags
The Federal Reserve is facing stinging criticism for missing what observers say were clear signs that Silicon Valley Bank was at high risk of collapsing into the second-largest bank failure in U.S. history.
CFPB Head: Bad Actors Should Face More than Fines
Rohit Chopra said his agency plans to deploy an array of tools that could limit the ability of a bank or financial firm to conduct business if they violate the law.
Embattled Fed Pick Bloom Raskin Withdraws Nomination
Sarah Bloom Raskin, under fire from Senate Republicans for her views on climate change and financial regulation, has withdrawn her name from consideration for a key post on the Federal Reserve’s Board of Governors.
Biden’s Nominee for OCC Head Faces Hostile Opposition
A fierce battle is being waged in Washington over President Biden’s choice to lead a typically low-profile agency that oversees the banking industry.
DOJ Launches Initiative to Fight Redlining
The U.S. Department of Justice will coordinate with financial regulators and state attorneys general on a new initiative to enforce laws that prevent discriminatory practices involving “modern-day redlining.”
FSOC Endorses Efforts to Address Climate Risks
U.S. financial regulators on Thursday approved a series of steps toward addressing the dangers that climate change poses to the nation’s financial system.
Administration Outlines Options to Control Climate Risk in Mortgages, Banking
The report lays out steps that could potentially alter the mortgage process, stock market disclosures, retirement plans, federal procurement and government budgeting.
OCC Drops Trump-Era CRA Reform
The yearslong effort to update the Community Reinvestment Act will continue, this time with the three federal banking regulators working together, a move supported by both banks and community organizations.
Powell Takes Heat from Warren on Bank Regulations
Federal Reserve Chair Jerome Powell received strong criticism last week from two top Senate Democrats for policy decisions that they said loosened regulations on the largest U.S. banks.
Freed from COVID Restrictions, Big Banks Hike Dividends
Recently freed from regulators’ coronavirus restrictions, the largest U.S. banks on Monday announced plans to return tens of billions of dollars to their shareholders over the next year in the form of dividends and stock buybacks.
Congress Repeals Trump-era Payday Lender Regulations
Congress on Thursday overturned a set of regulations enacted in the final days of the Trump administration that effectively allowed payday lenders to avoid state laws capping interest rates.
All Big Banks Pass Latest Fed Stress Tests
All 23 of the nation’s biggest banks are healthy enough to withstand a sudden economic catastrophe, the Federal Reserve said Thursday.
