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The Latest Breaking News from Signature Bank

US senators grill banking regulators in first Silicon Valley Bank hearing

Lawmakers aim to determine how Silicon Valley Bank and Signature Bank failed, sparking fears of financial crisis

The Guardian - US

Banking crisis has ‘definitely’ tipped the U.S. closer to recession, warns top Fed official who was at the center of the 2008 bailout

“Not all of these stresses are behind us," warns Minneapolis Fed President Neel Kashkari, the former administrator of the Troubled Asset Relief Program.

Fortune

Lawmakers open to Biden’s call to claw back SVB executive pay

WASHINGTON — President Joe Biden’s call for legislation that would allow regulators to claw back executive bonuses and stock sale proceeds in the lead up to the Silicon Valley Bank collapse has found a receptive audience on Capitol Hill.

Tribune News Service

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Will US consumers have to bail out struggling banks?

WASHINGTON — Could taxpayers wind up bailing out wealthy customers at banks such as Silicon Valley Bank, Signature Bank and others that are struggling?

McClatchy Washington Bureau

Lawmakers open to Biden’s call to claw back SVB executive pay - Roll Call

Lawmakers from both parties are open to executive compensation clawback legislation after the failure of SVB and Signature Bank.

Roll Call

The FDIC says First Citizens Bank will acquire Silicon Valley Bank

First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world.

WEKU

Bank failures and rescue test Yellen's decades of experience

Treasury Secretary Janet Yellen worked against the clock with other regulators, lawmakers and business leaders to come up with a plan that would prevent a full blown banking crisis

The Independent UK

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A legal scholar says the Dodd-Frank act put in place after the Great Recession proved to be useless amid SVB's collapse

“Dodd-Frank is still on the books, but its...as good as dead. What good does it do to have a massive set of regulations...if they aren't enforced?” Adam Levitin, a Georgetown University law professor wrote Thursday.

Fortune

The Week Ahead: Congressional hearings on bank failures should also ask about credit conditions

First came the spectacularly quick bank failure. Then came the fears of a financial contagion. Now get ready for the congressional hearings.

Miami Herald

How "too big to fail" banks became a symbol of safety

Not that long ago, these banks were the villains that nearly cratered the economy.

Axios

Lawmakers tell ex-CEOs 'you must answer' for bank failures

Leaders of the Senate’s banking committee are telling former chief executive officers at the failed Silicon Valley Bank and Signature Bank they “must answer” for their banks' "downfall.”

The Independent UK

Coinbase Stock Collapses As SEC Gets Aggressive

The SEC sent a Wells Notice to Coinbase, warning enforcement action may be coming. COIN stock dives. Tron Foundation, eight celebrities charged.

Investors Business Daily

European bank shares fall as crisis leaves mark

Banking shares have slipped in Europe as investors adjust to more challenging economic and lending conditions ahead.

The New Daily

If More Banks Crash — Here's How To Avoid Losing Money

Worried more banks will fall apart like Silicon Valley Bank and Signature Bank? ETFs can help protect you from risk in the S&P 500.

Investors Business Daily

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Chicago Sun-Times

Federal Reserve raises key rate by quarter-point despite banking industry turmoil

Fed Chairman Jerome Powell seeks to reassure Americans that their money was safe after the failure of Silicon Valley Bank, Signature Bank as the Fed continues to fight inflation.

Zenger

Inflation Rate Goes Up By A Quarter Percent Despite A Strong Job Market

The Federal Reserve has increased the interest rate by a quarter percent as the job market remains strong.

ABC News

ASX finishes lower after Federal Reserve hikes interest rates by 0.25 percentage points, Brickworks reports record half-year profit — as it happened

The ASX finishes lower at market close, off the back of the US Federal Reserve lifting interest rates for the ninth consecutive time. Look back at the day's events and insights as they happened with our business reporters on the ABC News markets blog.

The New Daily

US central bank sticks to guns with rates hike

The US central bank have raised the country's key interest rate by 25 basis points to 4.75-5.00 per cent range.

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WEKU

The Fed raises interest rates again despite the stress hitting the banking system

The Federal Reserve raised its benchmark interest rate by a quarter percentage-point in an effort to curb high inflation. Some had called for the Fed to wait after two recent bank failures.

Investors Business Daily

Bank Runs Leave Top Credit Card Stocks Unscathed; Funds Buy Visa And Mastercard

Mutual funds and ETFs are buying growth stocks Visa and Mastercard in the ongoing banking crisis. Both are building bases.

The Independent UK

Public pension plan losses from bank failures seen as minor

The failures of two U.S. banks this month meant losses for U.S. public-sector pension systems that invested in them

Bangkok Post

Yellen says banking stabilising, US may intervene more if needed

WASHINGTON - The United States banking sector is "stabilizing" after the recent failures of Silicon Valley Bank and Signature Bank rattled the industry, Treasury Secretary Janet Yellen told a lenders' conference Tuesday, as leaders seek to calm global worries.

Fortune

The bank collapses triggered by SVB have uncanny parallels to the savings and loan crisis of the 1980s

“The arithmetic behind it was timeless," George Ball of Sanders Morris Harris told Fortune.

WEKU

Janet Yellen says the U.S. is ready to protect depositors at small banks if required

The Treasury Secretary said the administration is committed to protecting the U.S. banking system and customers who trust their money to it.

Al Jazeera

US bank failures ‘very different’ from 2008 crisis, Yellen says

US treasury secretary hails government intervention to guarantee depositors’ money and says banking system is ‘sound’.

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