Banking Crisis 2023

The largest lobbying group in the United States, the U.S. Chamber of Commerce, said that calls for stronger regulation in the wake of March's bank failures were premature and baseless. The group also defended a 2018 deregulatory law and urged lawmakers to pump the brakes on new regulation until policymakers carefully review all facts.

Sen. Sherrod Brown, D-Ohio, who leads the Senate Banking Committee, said the Federal Home Loan Banks should not be lenders of last resort to failing banks.

The card network says it is prepared to act on any new demand created by the recent banking crisis or possible economic downturn even though it reported slower growth in small-merchant card spending in the first quarter.

The failures of Silicon Valley Bank and Signature Bank sent a shockwave through the financial system. Even if the worst is behind us, the event will have enormous consequences for banking regulation and supervision for years to come.

IKB Deutsche Industriebank sued Credit Suisse for $160 million alleging fraud and misrepresentation by the lender in the sale of debt securities that were at the heart of the 2008 global financial crisis.

The run on Silicon Valley Bank was blunted by delays in wire transfer executions. FedNow will make bank runs much more efficient at draining deposits.

The Phoenix bank provided behind-the-scenes details of the fallout from March's banking crisis, when it lost $8 billion of deposits in a single day. The company's share price closed up 24% on Wednesday after executives vowed to reassess its capital and liquidity strategy.

The move includes five senior executives and is part of MUFG's expansion to support pre-IPO growth and middle-market public companies.

Government officials indicated their preference for appointing a Swiss banking heavyweight to run the combined bank during the weekend when the rescue deal was negotiated.

The recent failures highlighted that regulation has to be applied consistently for all banks and financial intermediaries, according to Orcel.