Polo Rocha is a Washington D.C.-based reporter who covers consumer finance and national banking trends. He previously covered the Federal Reserve at S&P Global Market Intelligence and state politics at WisPolitics.com. He graduated from the University of Wisconsin-Madison and has a master's in finance degree from Johns Hopkins University.
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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.
March 10 -
Shares in Silicon Valley Bank's parent company plunged 60% after executives announced they would sell a large bond portfolio at a big loss. The market "seems to be pricing in greater liquidity needs" than the bank currently anticipates, one analyst said.
March 9 -
Consumers who aren't proficient in English have long struggled to get help from banks in their preferred language. Banks and regulators are trying to fix that, but the solution has taken years.
March 9 -
The new offering will allow consumers to finance purchases of gear, parts, maintenance and fuel for ATVs, boats and motorcycles. The powersports sector has enjoyed strong growth since the early days of the pandemic.
March 8 -
The dataset, developed by Federal Reserve researchers, will give historians and students a far easier way to examine banks' performance between 1867 and 1904. The period was one of significant instability, which ultimately prompted the creation of the Fed.
March 7 -
More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen."
March 3 -
While Goldman Sachs is still pushing to make its expansion into consumer lending profitable, the bank is also weighing strategic alternatives, CEO David Solomon says. The dueling options reflect the problems that Wall Street giant faces in Main Street banking.
February 28 -
The Minneapolis company previously disclosed an investigation by the Consumer Financial Protection Bureau in connection with its management of prepaid cards for unemployment benefits during the pandemic. Now the bank says the agency is considering a potential enforcement action.
February 28 -
The rise of e-commerce during the pandemic has fueled demand for warehouse space as companies look to move their products closer to their customers. While a slight slowdown is now under way, bankers still see plenty of business ahead.
February 24 -
The Los Angeles bank, which disclosed the layoffs in a securities filing, is undergoing a broader restructuring under its new CEO. The bank expects $30 million to $40 million of savings per year from the job cuts.
February 21
