The Latest

The former senator said the Federal Reserve's use of a legal provision he authored last year is "plainly at odds" with the statute as written.

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.

Paying higher rates to customers should help stem deposit outflows at the Salt Lake City bank. But it's expected to contribute to a projected 7% drop in net interest income during the second quarter.

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.

A former employee at the Consumer Financial Protection Bureau sent data on 256,000 consumers and dozens of companies to their personal email account.

Ping An Insurance Group is seeking a more abrupt break off of the bank's more profitable Asian operations, while HSBC has pledged a slower pivot to Asia while paring its presence in Europe and North America. 

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.