Banking

Consumers are worried that the banking crisis could spread to their own accounts. To address these fears, some credit unions are getting more focused on liquidity — and making their top executives available to address any member's concerns.

"Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security," said Gov. Ron DeSantis.

After a bank run led to Signature Bank's failure, New York Community Bancorp bought much of what was left from the FDIC. The acquirer now faces questions about how it will persuade the remaining depositors to stick around.

The $1.25 trillion-asset Home Loan Bank System collectively issued $303.9 billion in discount notes and bonds last week, with demand tapering dramatically from $111.8 billion on Monday to $21.7 billion by Friday.

Since the sudden collapse of Silicon Valley Bank on March 10, unstable deposit funding has roiled the banking industry. Ideas on how to reestablish confidence include providing a temporary guarantee for all deposits, raising the deposit insurance limit and reviving an expired program that helped quell market panic in 2008.

Credit unions' provision for loan and lease losses rose by 337% in 2022. Industry observers cite forecasted economic weakness and current expected credit loss implementation as the primary reasons.

Canada's financial institutions' regulator moved to reassure investors as the country's riskiest bank debt joined a global selloff after the value of some Credit Suisse bonds was wiped out in the bank's takeover by UBS Group.

The Raleigh, North Carolina, lender submitted an offer on Sunday to buy all of the failed SVB, and it may also participate in the auctions this week for the two parts of company, people familiar with the matter say.

On top of recession fears and elevated regulatory scrutiny, worry about the banking industry's weakness could delay the approval of mergers such as Toronto-Dominion Bank's pending acquisition of First Horizon.

The Federal Deposit Insurance Corp. says it has extended the deadline for bids on Silicon Valley Bank, will break the bank into two parts for sale and will allow nonbanks to bid on asset portfolios.

A category of Credit Suisse Group bonds is warning that a liquidity lifeline from Switzerland's central bank may not be enough to stabilize the embattled lender.

Wally Murray, who has spent 35 years at the $1.8 billion asset credit union and the last 22 as its president and CEO, retired March 14.

Silicon Valley Bank's former parent company filed for bankruptcy a week after a run on deposits prompted regulators to seize its banking unit.

Shadows loomed over Credit Suisse and First Republic early Thursday, but the sector outlook brightened after billions of deposits were pledged to the U.S. bank.

The National Credit Union Administration unanimously approved modifications to its 2020 rule that raise maturity ceilings on offerings and simplifies redundant language.

The system of 11 regional banks issued a combined $137 billion of bonds and discount notes on Tuesday and Wednesday, after selling $112 billion on Monday, the largest single day of issuance in its 90-year history.

The company agreed to pay $27.2 million in restitution to shareholders and revised its 2022 earnings to show a steep loss. The plea agreement with the Department of Justice was tied to Sterling's now defunct low-documentation mortgage program.

Advocacy groups want the Federal Deposit Insurance Corp. to downgrade the Community Reinvestment Act rating of FinWise Bank, which partners with nonbanks to offer high-cost consumer loans. The FDIC downgraded the rating of a second Utah-based bank following a similar campaign by consumer organizations.

Tolstedt, a key figure in the bank's fake-accounts scandal, could face prison time after pleading guilty to a criminal charge of obstructing a bank examination. She also agreed to pay a $17 million fine to bank regulators to resolve certain civil charges.

Banks that trade with Credit Suisse Group moved to safeguard their finances, snapping up contracts that will compensate them if the crisis rocking the Swiss lender deepens.