Tim Mayopoulos, the CEO the FDIC brought in to manage and sell the failed bank, discusses what happened and what bankers can learn.

Treasury Secretary Janet Yellen defended the administration's systemic risk exception and said regulators will backstop small banks that pose contagion risk.

More than 140 current and former lawmakers are defending the constitutionality of the agency's funding arrangements. The nation's highest court is expected to rule on the issue in its upcoming term.

In its biannual supervision and regulation report, the Federal Reserve said the banking sector was strong but showing signs of shakiness after recent bank failures.

Comments from Federal Reserve Gov. Michelle Bowman last week show that supervisory reforms outlined by the Fed's top regulatory official could meet significant opposition, policy analysts say.

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.

President Biden will ask the Senate to confirm Gov. Philip Jefferson for the No. 2 spot on the Federal Reserve Board; World Bank Group executive and Colombian-American Adriana Kugler for a vacant board seat; and Gov. Lisa Cook for a full term.

The Federal Reserve Board governor also called for the Fed to commission an independent investigation into the failure of Silicon Valley Bank.

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.

The Federal Reserve Board governor said adopting policies on climate change are not necessary and risk hurting the central bank's credibility.

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.

"I think it's going to get worse for banks — more regulations, more rules and more requirements,'' JPMorgan Chase CEO Jamie Dimon said in a Bloomberg Television interview from Paris on Thursday.

The Consumer Financial Protection Bureau said in a policy statement that banks risk violating the prohibition on "unfair acts and practices," by reopening a consumer's deposit account to process transactions after the account has already been closed.

The president of the Federal Reserve Bank of New York said the performance of office loans is a top supervisory issue, but not an immediate threat to financial stability.

Sen. Elizabeth Warren, D-Mass., led a group of Democratic lawmakers in writing to executives of large credit card issuers on their late fee policies and costs.

Banks and market watchdogs are laying a lot of the blame for volatility in regional bank stocks on short sellers. But if regional banks and regulators want to get even, all they have to do is stay strong.

The Fed's report on the failure of Silicon Valley Bank describes a "shift" in supervisory culture that began five years ago. Some say the issue is much older than that.

State legislators plan to allow credit unions to serve more people below the poverty line, including those living in banking deserts, but the state's banks say the credit unions could use the legislation to dodge field-of-membership limits.

The New York attorney general's office released draft legislative language to regulate cryptocurrencies, addressing various concerns about the industry but potentially conflicting with the state's existing crypto licensing regime.