Ebrima Santos Sanneh covers the Treasury, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency for American Banker. He is a native of Providence, R.I. and a 2020 graduate of UCLA. Before joining American Banker he worked as a staffer for Sen. Jack Reed, D-R.I.
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The Federal Deposit Insurance Corp. board voted 3-2 to propose a special assessment of 0.125% on banks with uninsured deposits over $5 billion.
May 11 -
The California Department of Financial Protection and Innovation says in a new report that it failed to keep pace with Silicon Valley Bank's rapid growth. But it placed blame on the Federal Reserve, too.
May 8 -
The New York attorney general's office released draft legislative language to regulate cryptocurrencies, addressing various concerns about the industry but potentially conflicting with the state's existing crypto licensing regime.
May 8 -
The FDIC's recent proposal to provide business accounts targeted deposit insurance coverage up to ten times the current rate is gaining traction among industry experts. But a great deal rests on the details, and any reform will probably have to wait until after 2024.
May 4 -
U.S. Treasury Secretary Janet Yellen sent a letter to Congressional leadership on Monday calling for them to raise the debt limit before June 1, the earliest date the U.S. could begin defaulting on its debt obligations.
May 2 -
The resolutions of Silicon Valley Bank, Signature Bank and now First Republic are likely to drain $35 billion from the Deposit Insurance Fund. Odds are increasing that banks — even small ones — will pay higher premiums and perhaps a special assessment to replenish the fund.
May 1 -
The FDIC's deposit insurance review following a string of bank failures said the most balanced approach to modifying deposit insurance would be to provide higher insurance coverage to business accounts, which would reduce systemic risk and promote market discipline.
May 1 -
The Federal Deposit Insurance Corp. said in a report released Friday that Signature's rapid, unrestrained growth and inadequate risk management practices outpaced supervisors' ratings and responses, even though the issues were known to the agency.
April 28 -
In a highly anticipated report on the failure of Silicon Valley Bank, Federal Reserve Vice Chair for Supervision Michael Barr says the bank's own mismanagement and an acquiescent supervisory structure created the conditions for the bank to fail.
April 28 -
The Treasury Department's Financial Crimes Enforcement Network said it is looking into the feasibility of verifying entries in a forthcoming beneficial ownership database, but may be limited by legal and cost considerations.
April 27
