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Silicon Valley Bank's failure in early March kicked off a period of turmoil unlike anything the U.S. banking industry has been through since 2008 and 2009. Here's a look back at the key events.
May 14 -
The FDIC reviewed more than 20 other offers before selling the failed bank, including one from a San Francisco fintech.
May 12 -
The fintech already has a number of large bank partnerships, including Morgan Stanley at Work and Wells Fargo.
May 12 -
The former vice chair for supervision challenged his successor's report on the failure of Silicon Valley Bank, said changes that move away from transparency and consistency 'won't survive' in court.
May 12 -
Generations United Federal Credit Union's first president and CEO, John Linzey, expects to attract the very customers that banks might turn away if the economy sours.
May 12 -
Already well-established in other countries, a conduct risk authority would monitor banks for the kind of risky behavior that the current examination regime might miss.
May 12
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The Federal Reserve meeting May 2-3 will be closely watched for hints about what the FOMC's next move is. Join BNP Pariba U.S. Economist Yelena Shulyatyeva at 11 a.m. May 4 as she takes a look at the meeting and Chair Powell's press conference.
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The Federal Reserve Board governor also called for the Fed to commission an independent investigation into the failure of Silicon Valley Bank.
May 12 -
Delinquency rates in credit cards, auto and personal loans are effectively back to normal after three years of unusually strong credit performance. Industry executives say the current situation is easily manageable, but they do anticipate that key metrics will continue to worsen.
May 11 -
Michigan State University Federal Credit Union is partnering with Debbie, a Miami-based fintech that helps consumers break free of delinquency and correct bad spending habits, to strengthen its financial education tools and build its deposit base.
May 11 -
The financial institution has released a series of new products in response to a slew of competitors pursuing corporate treasury management clients.
May 11 -
The Florida lender hired corporate bankers in New York City who had previously worked at First Republic Bank, which collapsed last week.
May 11 -
Speaking before the International Swaps and Derivatives Association's annual meeting, Treasury Undersecretary for Domestic Finance Nellie Liang said liquidity and interest rate risk in the banking sector is being managed, but said fears of risk mounting in the nonbank sector are a source of concern.
May 11 -
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 -
House Financial Services Committee's Oversight and Investigations Subcommittee Republicans tried to pin down the Government Accountability Office on Federal Reserve criticisms, while Democrats stressed debt ceiling worries.
May 11 -
While the central bank's reverse-repurchase facility generally works to stabilize the financial system, under certain circumstances it would spark a rapid flow of deposits out of banks. A growth cap would prevent that problem.
May 11
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The California bank says the drop occurred last week after a news report that the lender was in talks with potential investors.
May 11 -
The North Carolina company, which acquired the remains of Silicon Valley Bank in late March, is now taking steps to shore up its deposit base. Those efforts, which follow outflows tied to Silicon Valley Bank customers, include paying higher rates at its nationwide online bank.
May 10 -
The House Financial Services Committee's Subcommittee on Financial Institutions and Monetary Policy released a number of discussion drafts that would increase transparency requirements at the Federal Deposit Insurance Corp. and the Federal Reserve.
May 10 -
MVB Financial's agreement to buy Integrated Financial Holdings has fallen through, with both sides citing an uncertain economic outlook and potential regulatory challenges. It's the second M&A deal to be scrubbed in the past week.
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