financial institution – DIGIT INFO

US Government in Talks to Rescue Struggling First Republic Bank, Sources Say

DIGIT — Fri, 28 Apr 2023 19:04:58 +0000

Sources have revealed that U.S. government officials are in talks to rescue First Republic Bank, a struggling financial institution. The discussions involve the U.S. Treasury, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve, according to reports on Friday. Private-Sector Deal Preferred as U.S. Government Officials Discuss First Republic Bank Rescue Efforts Market observers […]

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C6 Bank’s Climate Tool to Track CO2 Emissions From Customer Transactions Prompts Debate on Future of Banking

DIGIT — Fri, 14 Apr 2023 19:30:20 +0000

On April 13, a C6 Bank customer in Brazil shared screenshots of his online bank account, revealing that the financial institution was tracking CO2 emissions from his purchases and urging him to compensate monetarily. C6 Bank states that the new tool aims to inspire Brazilians to adopt more sustainable behaviors. ‘CBDC Preview’ — Bank Customer […]

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French Authorities Raid 5 Major Banks Over Accusations of Money Laundering and Fiscal Fraud

DIGIT — Tue, 28 Mar 2023 19:00:23 +0000

On Tuesday, French officials conducted raids on five major banks located in and around Paris, including Societe Generale, BNP Paribas, HSBC, Natixis, and BNP’s Exane Bank, over alleged charges of money laundering and fiscal fraud. According to a spokesperson for France’s Financial Prosecutor’s Office (PNF), the preliminary investigation into four French banks and one international […]

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On the Brink of a New Trend: Credit Suisse Receives 50 Billion Swiss Franc Bailout From Swiss National Bank

DIGIT — Thu, 16 Mar 2023 16:00:20 +0000

Credit Suisse has experienced a loss of confidence in the financial institution’s health following a significant drop in its shares’ value this week. Over the past five days, Credit Suisse shares have fallen 24.34% against the U.S. dollar, eroding trust amid fears about the global banking system. On Wednesday at around 9 p.m. (ET), Credit […]

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Federal Investigators Probe Silicon Valley Bank Collapse; SVB and Top Execs Sued by Shareholders

DIGIT — Tue, 14 Mar 2023 19:30:14 +0000

The parent company of Silicon Valley Bank, SVB Financial Group, and two senior executives have been sued by shareholders after SVB’s collapse last Friday. The proposed class action accuses SVB of hiding the fact that interest rate hikes would leave the bank in jeopardy. Additionally, anonymous sources say the U.S. Department of Justice (DOJ) and […]

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US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual

DIGIT — Fri, 10 Mar 2023 18:10:32 +0000

After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank. Federally Insured Depositors to Withdraw Funds on Monday, Uncertainty Looms for […]

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Elizabeth Warren Blames ‘Crypto Risk’ for Silvergate Bank’s Liquidation, Critics Dismiss Senator’s Claims as ‘Terribly Misinformed’

DIGIT — Thu, 09 Mar 2023 17:30:19 +0000

After Silvergate Bank announced its voluntary liquidation, U.S. senator Elizabeth Warren is attributing the financial institution’s downfall to “crypto risk.” According to Warren, she had previously warned about Silvergate. However, some critics are dismissing Warren’s opinion as “terribly misinformed” and claim that she is “tossing out egregious accusations.” Crypto Proponents Offer Different Perspectives on Silvergate […]

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Bitcoin Proponents Slam Nobel Laureate Paul Krugman After Venmo Payment Issue

DIGIT — Thu, 09 Mar 2023 00:30:23 +0000

Nobel Prize winner Paul Krugman complained on Twitter Wednesday that he was experiencing issues with the centralized payment processor Venmo. His tweet was followed by a barrage of bitcoin supporters who insisted that Krugman was now realizing the importance of censorship-resistant payment systems. Krugman’s Experience Highlights the Growing Interest in Censorship-Resistant Payment Systems Nobel Prize […]

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Coinbase Severs Ties With Silvergate Bank Amidst JPMorgan Downgrade and Delayed SEC Filing

DIGIT — Thu, 02 Mar 2023 20:30:28 +0000

On March 2, 2023, the cryptocurrency exchange Coinbase announced that, in light of recent developments, the company is “no longer accepting or initiating payments to or from Silvergate Bank.” The news follows the crypto bank’s delay of its annual 10-K filing with the U.S. Securities and Exchange Commission (SEC) and JPMorgan’s downgrade of the company’s […]

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Silvergate Bank Becomes Most Shorted Stock in US, but Sees Boost With Citadel Securities Stake

DIGIT — Tue, 14 Feb 2023 19:00:55 +0000

Recent data shows that Silvergate Bank, a crypto-friendly financial institution, has become the most shorted stock in the United States, according to the Financial Industry Regulatory Authority. On Tuesday, Silvergate’s stock saw a rise after it was discovered that Citadel Securities holds a 5.5% stake in the bank, according to a Schedule 13G filing with […]

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