The resignation comes after the bank was placed on the state treasurer's list of fossil fuel industry boycotters.

It's clear that credit unions buying community banks is bad for businesses, bad for communities and bad for government tax revenue.

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.

The Cleveland-based bank says it will submit to a racial equity audit conducted by an outside law firm, as Citigroup and Wells Fargo have previously done. The bank's decision follows a request that regulators investigate Key's mortgage lending practices for alleged redlining.

Industry leaders had predicted that JPMorgan Chase's regulator-assisted purchase of First Republic would bolster investors' faith in the sector. But the stock prices of certain regional banks have continued to fall, prompting concerns that selloffs could lead to deposit outflows.

Former First Republic CEO Mike Roffler told regulators earlier this year that the bank could fail according to its resolution plan, but the institution still needed extra help to stay afloat long enough to organize a sale without further harming the financial system.

The companies cited an inability to secure regulatory approvals after postponing multiple times a closing that had been originally expected last fall.

The placement of Wells Fargo, JP Morgan Chase, and Bank of America on the list makes them ineligible for state and local government contracts.

On one level, the failed bank's narrative mirrors the interest rate misplay and depositor panic at Bay Area neighbor Silicon Valley Bank. But it's also a deeply personal story about Herbert, who founded First Republic in the 1980s, championed its aggressive growth and failed in a last-ditch attempt to engineer a private-sector rescue.

Kaua'i Federal Credit Union in Lihue is launching an "economic resiliency center" for members in the Kapa'a community. It hopes to support minority-owned businesses throughout the area by providing access to housing resources and other funding.

The Federal Reserve chair said he holds himself accountable for ensuring proper regulatory and supervisory changes are enacted in response to recent bank failures.

Industry leaders hoped that the emergency sale of First Republic Bank would quell investors' fears, but many banks saw big stock price declines on Tuesday. The instability could put pressure on lawmakers and policymakers to take more decisive action.

After years of implementing Dodd-Frank Act measures rules to streamline bank resolutions, regulators relied on their pre-crisis playbook to resolve Silicon Valley and First Republic banks. That choice has led some experts to question the rules' utility.

Discover, Capital One and other issuers began effortlessly reaping strong deposit inflows months before the banking crisis. The trend may not last much longer.

Jeff March, president and CEO of Citadel Credit Union, will retire after nearly 23 years at the helm.

The United States needs to follow the lead of other countries by letting fintech firms test innovative products at the national level. Failure to do so could send promising new ideas overseas.

Investment in the latest technology is crucial for banks and credit unions if they are to compete effectively, while the lack of tech talent continues to be an issue.

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.

The National Credit Union Administration is seeking the perspective of credit union leaders in areas vulnerable to natural disasters to gauge the true scope of environmental changes and to inform best practices for managing their impact.

The faltering bank's sale could work to quell any lingering unrest among depositors at other banks, according to analysts. "No one likes to see a bank fail, but it's good to have really the last remaining source of uncertainty resolved," said Citigroup CEO Jane Fraser.