Banking

No one company can solve this credit scoring problem. Banks, fintechs and innovative startups must come together in partnership to share information and change the existing system.

The Los Angeles company says it secured $1.4 billion of cash from a financing facility from Atlas SP Partners after clients drew down an additional 20% of the bank's deposits. Deposit levels have "stabilized," PacWest says.

Carrie Tolstedt, the former head of retail banking at the scandal-plagued bank, faces 16 months in prison after agreeing to plead guilty to obstructing a bank examination. The plea agreement serves as a warning to senior bank executives who regularly provide information to regulators.

Wall Street leaders and U.S. officials discussing an intervention at First Republic Bank are exploring the possibility of government backing to encourage a deal that would shore up the lender, people with knowledge of the matter say.

Treasury Secretary Janet Yellen's latest remarks reaffirming the government's willingness to shore up uninsured deposits at troubled banks seem to have calmed markets, but sooner or later regulators are going to have to articulate an official policy.

Sweden's largest pension fund, Alecta, is facing losses of almost $2 billion as a result of a failed investment strategy that made it one of the biggest shareholders in two collapsed U.S. banks and another that is embroiled in the ongoing banking crisis.

A cap on deposit insurance for yield-bearing accounts will still provide necessary market discipline, but other important reforms are needed to assure the safety of the banking system.

In prepared remarks to the American Bankers Association, Treasury Secretary Janet Yellen says the government's intervention to cover uninsured deposits at Silicon Valley and Signature banks "reduced the risk of further bank failures."

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.