Claire Williams

Sen. Sherrod Brown, chairman of the Senate Banking Committee, said in a letter to regulators that they should consider the role of social-media-led coordination among depositors.

The Arkansas congressman, a leading Republican on the House Financial Services Committee, said while he doesn't believe blanket expanding deposit insurance is warranted, different premium structures for covering deposits would be "worthwhile."

Maxine Waters, the top Democrat on the House Financial Services Committee, says she's confident some of the issues surrounding the failures of Silicon Valley Bank and Signature Bank will require legislation.

Sen. Elizabeth Warren, D-Mass., said that former Silicon Valley Bank CEO Greg Becker's assurances to Congress about the bank's safety in 2015 "now look nefarious."

Rep. Brad Sherman, D-Calif., a senior member of the House Financial Services Committee, said he's considering a bill to shore up regulation and oversight of medium-size banks.

President Joe Biden said that deposits at U.S. banks are safe following swift action from his administration's bank regulators.

The Treasury Department issued a "systemic risk exception" allowing it to cover uninsured deposits at SVB and Signature Bank, which New York State closed on Sunday.

The bank's tech-sector focus contributed to its rapid demise. But the reasons for its failure come down to the nuts and bolts of banking, and other banks may have similar vulnerabilities.

The tech-heavy bank had been in freefall since Wednesday, when it announced $1.8 billion in bond-related losses and a plan to raise more capital. The stunning demise left questions about the fate of its many uninsured depositors.

In Kirschner, v. JPMorgan Chase Bank, N.A — a case that could drastically change banks' role in the syndicated loan market — judges in the Second Circuit wondered how banking regulators view the syndicated loan market.

The voluntary liquidation of one of the most crypto-friendly banks has sent ripples through political and policy circles, but the concrete effects and lessons to be learned may take time to untangle.

In a subcommittee hearing on the CFPB, Rep. Andy Barr, R-Ky., sought to dismiss "sky is falling" concerns about other agencies' funding structures being questioned in wake of potential Supreme Court decision.

The "Taking Account of Bureaucrats' Spending Act" would subject the Consumer Financial Protection Bureau to congressional appropriations and change the name of the bureau to the Consumer Financial Empowerment Agency.

The lawmakers, led by Senate Banking Committee Chairman Sherrod Brown, D-Ohio, said that "banks are delaying the process of resolving their fraud claims by weeks and even months."

For some political strategists, rising economic populism in the Republican party could mean that more financial services firms could face more political risk.

Acting Comptroller of the Currency Michael Hsu compared FTX's unwinding to the collapse of Bank of Credit & Commerce International, which similarly operated across borders to evade regulatory scrutiny.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg said that the rise of hybrid and remote work, alongside rising interest rates, could be creating lingering risk in the maturity of some bank loans.

Democrats on the Banking Committee, led by Sen. Jack Reed of Rhode Island, say the peer-to-peer payments network's customer reimbursement and anti-money-laundering policies need more thorough scrutiny.

Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., said that the bill would address some concerns from various regulators, but will steer clear of addressing access to Federal Reserve master accounts.

The legislation cleared the panel Tuesday night, but Democratic misgivings mean it faces an uphill climb in the Senate.