Crypto highlighted as ‘novel and complex’ risk to US banks: FDIC report
The FDIC warns that uncertainty around crypto’s legal status, the likelihood of fraud and contagion present key risks to United States banks. Go to Source
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Billionaire Bill Ackman on US Banking Crisis: We Are Running Out of Time to Fix This Problem
Billionaire Bill Ackman has warned that “We are running out of time” to fix the problem that led to the collapses of regional banks. “How many more unnecessary bank failures do we need to watch before the FDIC, U.S. Treasury, and our government wake up?” he stressed, adding that “We need a systemwide deposit guarantee … Read more
SEC Probes First Republic Bank Executives for Insider Trading; Lawmakers Dump Bank’s Shares Before Collapse
After the second largest bank failure in history, the U.S. Securities and Exchange Commission (SEC) is reportedly investigating First Republic Bank executives for allegedly engaging in insider trading. Two sources have claimed that the securities regulator is scrutinizing the bank’s executives for making trades using confidential information. Although the sources have not named any specific … Read more
Ethereum price outlook weakens, but ETH derivatives suggests $1.6K is unlikely
Another top-20 U.S. bank bites the dust, but Ethereum price fails to benefit from the event. Go to Source Powered by WPeMatico
Stabilizing the Banking System: Biden Reassures Public Amid First Republic Bank Collapse, but Warns of National Debt Default
Amid the collapse of the second, third, and fourth largest banks in American history, U.S. president Joe Biden reassured the public that the country’s banking system remains sturdy. However, the president also acknowledged the “threat by the speaker of the House to default on the national debt.” Biden Expresses Confidence in American Banking System Despite … Read more
Will $28K Bitcoin price hold? Two indicators remain solid despite 5% pullback
BTC margin markets and futures’ long-to-short indicator show professional traders unwilling to bet on Bitcoin’s price dropping. Go to Source Powered by WPeMatico
JPMorgan Chase Assumes Control of First Republic Bank Following Seizure by California Regulators
On May 1, 2023, the California Department of Financial Protection and Innovation (DFPI) seized First Republic Bank, placing it into Federal Deposit Insurance Corporation (FDIC) receivership. According to reports, this move came after the bank’s financial troubles made it insolvent and unable to meet its obligations. Following the seizure, JPMorgan Chase submitted the winning bid … Read more
First Republic’s crisis is not an isolated incident – suggests JPMorgan exec
The CIO of JPMorgan Asset Management said it’d be “naive to say that this is just limited to First Republic.” Go to Source Powered by WPeMatico
FDIC alleges Cross River engaged in ‘unsafe’ lending practices
Cross River is yet to admit nor deny the allegations that it “engaged in the unsafe or unsound banking practices” related to its lending activity in 2021. Go to Source Powered by WPeMatico
Reports by Fed and FDIC Reveal Vulnerabilities Behind 2 Major US Bank Failures
On Friday, Michael Barr, the vice chair for supervision at the U.S. Federal Reserve, published a report on the vulnerabilities that led to the ultimate failure of Silicon Valley Bank (SVB). In addition, Marshall Gentry, the chief risk officer of the Federal Deposit Insurance Corporation (FDIC), released a similar report on Signature Bank’s collapse and … Read more
