FDIC to charge large US banks for replenishing deposit insurance fund drained by SVB collapse
The FDIC has proposed a fee on uninsured deposits of lenders with more than $5 billion in assets to replenish a deposit insurance fund that was drained by the collapse of Silicon Valley Bank and two other lenders.
SVB Financial Must Wait in Line for Its $2 Billion, FDIC Says
Before SVB Financial Group bondholders can collect the billions they are owed, the bankrupt company may have to file a claim with the Federal Deposit Insurance Corp. to recover $2 billion worth of deposits trapped by the receivership of Silicon Valley Bank.
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 to assume control of First Republic Bank’s deposits, including uninsured deposits.
Bitcoin Declines Amid JPMorgan, PNC’s First Republic Bank Buyout Bid
US financial regulators are reportedly finalizing a buyout deal for First Republic Bank with JPMorgan Chase, PNC Financial Services, and Citizens Financial Group. The Federal Deposit Insurance Corporation received several bids and is expected to announce the deal soon. However, Bitcoin's price declined as the deal closed in.
FDIC Asks Banks for Final First Republic Bids Due Sunday
The Federal Deposit Insurance Corp. has asked banks including JPMorgan Chase & Co., PNC Financial Services Group Inc., US Bancorp and Bank of America Corp. to submit final bids for First Republic Bank by Sunday after gauging initial interest earlier in the week, according to people with knowledge of the matter.
FDIC Alleges Cross River Engaged in ‘Unsafe’ Lending Practices
On April 28, the FDIC made public a consent order executed with Cross River Bank on March 8, alleging that the bank engaged in “unsafe” or “unsound” banking practices related to its compliance with applicable fair lending laws and regulations in 2021.
Reports by Fed and FDIC Reveal Vulnerabilities Behind 2 Major US Bank Failures
The Federal Reserve and the FDIC published reports on Friday concerning the fall of the second and third-largest U.S. bank failures in history.
JPMorgan, PNC Bidding for First Republic as Part of FDIC Takeover
Big banks including JPMorgan Chase & Co. and PNC Financial Services Group Inc. are vying to buy First Republic Bank in a deal that would follow a government seizure of the troubled lender, according to people familiar with the matter.
US Government in Talks to Rescue Struggling First Republic Bank, Sources Say
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.
FDIC Says Signature Bank Failed Due to Mismanagement, Risky Crypto Deposits
The U.S. Federal Deposit Insurance Corporation (FDIC) investigation into the collapse of Signature Bank found that the root cause of its troubles was “poor management” and risky crypto deposits.
