Banking

An officer guards the entrance to the Federal Reserve’s William McChesney Martin Building on March 13, 2023, in Washington, D.C. (Photo by Alex Wong/Getty Images)

Fed’s fault-finding on bank failures could lead to stronger regulations

BY: - May 8, 2023

New banking regulations proposed by federal watchdogs don’t go far enough in countering potential problems, but could help lower bank fees and calm financial markets and nerves, leading to a more stable financial system, according to some economists. The Federal Reserve, FDIC and Government Accountability Office recently released reports blaming mismanagement of risk, including overreliance […]

An officer guards the entrance to the Federal Reserve’s William McChesney Martin Building on March 13, 2023, in Washington, D.C. (Photo by Alex Wong/Getty Images)

White House calls on financial regulators to bring back safeguards for regional banks

BY: - March 30, 2023

WASHINGTON —  The Biden administration, placing blame on Trump-era rollbacks, Thursday called on federal banking regulators to reinstate safeguards for regional banks after the record-setting collapse of Silicon Valley Bank and Signature Bank of New York earlier this month. The White House wants the agencies to revive regular stress testing at banks in the $100- […]

A worker tells people that the Silicon Valley Bank headquarters is closed on March 10, 2023, in Santa Clara, California. Silicon Valley Bank was shut down by California regulators and was put in control of the U.S. Federal Deposit Insurance Corporation. (Photo by Justin Sullivan/Getty Images)

Members of U.S. Senate panel press financial regulators on massive bank failures

BY: - March 28, 2023

WASHINGTON — Financial regulators promised a full review of Silicon Valley Bank’s massive failure as members of a key U.S. Senate panel on Tuesday interrogated the officials about what led to the second-largest bank collapse in U.S. history. Members of the Senate Committee on Banking, Housing and Urban Affairs asked if the Federal Reserve could […]

Senate Intelligence Committee Chair Mark Warner, Democrat of Virginia, speaks at the St. Regis Hotel on March 20, 2023, in Washington, DC. (Bryan Dozier/Special to The Christian Science Monitor)

Virginia senator defends rollback of U.S. banking rules, blames managers for bank failures

BY: - March 20, 2023

WASHINGTON — The recent bank failures that shocked the markets and caused a speedy government bailout were “basic prudential regulation failure” by management, U.S. Sen. Mark Warner of Virginia said Monday. The Democratic senator, who sits on the Senate Committee on Banking, Housing and Urban Affairs, told reporters he stands by his position that 2018 […]

An officer guards the entrance to the Federal Reserve’s William McChesney Martin Building on March 13, 2023, in Washington, D.C. (Photo by Alex Wong/Getty Images)

Silicon Valley Bank’s collapse differs from our last financial crisis

BY: - March 14, 2023

After the largest U.S. bank failure in more than a decade, regional bank stocks plunged on Monday as the federal government — with the 2007-2008 financial crisis still a fresh memory for many — rushed to reassure Americans that the U.S. banking system was stable. President Joe Biden told Americans that the risks taken on by failed […]

A worker tells people that the Silicon Valley Bank headquarters is closed on March 10, 2023, in Santa Clara, California. Silicon Valley Bank was shut down by California regulators and was put in control of the U.S. Federal Deposit Insurance Corporation. (Photo by Justin Sullivan/Getty Images)

Biden says U.S. bank deposits are safe despite tumult over California bank collapse

BY: - March 13, 2023

WASHINGTON — President Joe Biden reassured Americans early Monday that their money is safe in U.S. banks, after a tumultuous weekend following the collapse of Silicon Valley Bank and a move by regulators to shut down a second lender. Americans “should feel confident that their deposits will be there, if and when they need them,” […]

David Burr demonstrates removing leaves on marijuana plants to allow more light for growth at Essence Vegas' 54,000-square-foot marijuana cultivation facility on July 6, 2017, in Las Vegas, Nevada. (Photo by Ethan Miller/Getty Images)

Attempt to help states ease banking for marijuana businesses stumbles in Congress

BY: - December 7, 2022

The annual Defense Department policy bill members of Congress released late Tuesday did not include measures to loosen federal marijuana restrictions, to the disappointment of advocates. That leaves few avenues to pass marijuana measures seen as boons to states where the drug is legal before Congress adjourns for the year. As one of the last […]