Citizens Bank, Customers Bancorp consider bids for failed SVB: reports

While Citizens is eyeing SVB’s private-banking unit, Customers is considering buying all or part of the lender, sources told Reuters and Bloomberg, respectively.

By Rajashree Chakravarty • March 24, 2023

CFPB funding is constitutional, 2nd Circuit court rules

The decision creates a clear conflict between the Second and Fifth Circuits, providing the Supreme Court with further incentive to directly resolve the issue, said an attorney at Dorsey & Whitney.

By Anna Hrushka • March 24, 2023

Explore the Trendline➔

Fraud and AML in banking

The past year has been one of reckoning with regard to fraud — from TD’s $3 billion AML penalty to the continuing punitive phase connected to PPP misdeeds, crypto bankruptcies and pig butchering.

By Banking Dive staff

Citi names 32-year vet Selva as its COO

The longtime exec, also serving as the bank's head of personal banking and wealth management, will replace Karen Peetz, who is retiring in May.

By Rajashree Chakravarty • March 23, 2023

Bank failures could cause SMB credit crunch

“The current banking crisis could directly lead to a small business crisis if they are not able to quickly access the capital they need to sustain and expand their operations,” Biz2Credit’s CEO said.

By Anna Hrushka • March 22, 2023

SVB Financial says FDIC has $2B of its cash

It likely won't have access to the cash, which would be used to pay back creditors, for months.

By Gabrielle Saulsbery • March 22, 2023

6 strategies for smaller banks in a post-SVB world

Lenders racked by last week's crisis of confidence could choose to skirt the FDIC's deposit cap, lean into benefactors, cut costs, dismiss the problem or brace for a hit.

By Dan Ennis • March 22, 2023

7 months later, RBC puts a number on its RTO policy

The bank, starting May 1, aims to have hybrid workers in the office three to four days a week, it said Tuesday. That likely gives employees at Canada's largest lender an added in-office day.

By Dan Ennis • March 22, 2023

Several Epstein claims dismissed against JPMorgan, Deutsche

Each bank, however, still must face four claims, a judge ruled Monday. A lawyer for an alleged Epstein victim called it a "monumental victory." 

By Dan Ennis • March 21, 2023

Yellen: Government could insure more deposits to stem contagion

The federal government’s decision to backstop funds at Silicon Valley Bank and Signature Bank could be extended to smaller firms that experience similar deposit runs, the treasury secretary said.

By Anna Hrushka • March 21, 2023

Texas adds HSBC to divestment list

The British bank in December said it would no longer finance new oil and gas fields. Texas’ comptroller called the policy update “a prime example” of a bank “push[ing] a social agenda ... over the economic health of [its] clients.”

By Dan Ennis • March 21, 2023

FDIC pushes SVB bid deadline to Friday

The regulator split the auction process, so bidders can make separate offers for Silicon Valley Private Bank, also due Friday.

By Dan Ennis • March 20, 2023

UBS to buy Credit Suisse in $3.25B government-backed deal

UBS Chair Colm Kelleher said he will trim Credit Suisse’s investment banking arm, likely bringing an end to the CS First Boston spinoff.

By Rajashree Chakravarty • March 20, 2023

Powell, Goldman and FDIC rules are targets in wake of SVB’s failure

Sen. Elizabeth Warren sent a pointed letter to the Fed chair. President Joe Biden wants Congress to expand FDIC authority. And 20 Democrats raise concern over Goldman's dual role with the failed bank.

By Dan Ennis • March 20, 2023

11 banks deposit $30B in ailing First Republic

The joint action from the nation’s largest banks follows the collapse of Silicon Valley Bank and Signature Bank, events that have shaken the banking industry and sowed fears of contagion.

By Anna Hrushka • March 16, 2023

Rules could limit creditors’ gains if SVB parent files for bankruptcy

An investment group wants the parent company to file for bankruptcy and then auction its nonbank businesses, but the FDIC could use sale proceeds to help pay depositors.

By Robert Freedman • March 16, 2023

A look at SVB’s new CEO, Tim Mayopoulos

The former Fannie Mae CEO on Tuesday urged clients who left SVB in the past week to return. The FDIC allegedly has targeted Mayopoulos since 2017 as someone who could steer a seized bank.

By Anna Hrushka • March 16, 2023

Wells Fargo ex-exec Tolstedt fined $17M by OCC

The former retail-banking chief, who will plead guilty to obstructing a bank examination, faces 16 months in prison in the plea deal and has agreed to a ban from the banking industry.

By Dan Ennis • March 15, 2023

Fed considers stricter capital requirements for midsize banks

Sen. Elizabeth Warren, D-MA, on Tuesday proposed a legislative route to do the same, but Republicans and even some Democrats are waiting on the Fed's review of recent bank failures.

By Dan Ennis • March 15, 2023

‘Meme stock in reverse’: SVB collapse portends new era of viral bank runs

Silicon Valley Bank’s demise gave the banking sector a glimpse into how social media and digital banking can turn a financial institution from operational to insolvent in a matter of hours.

By Anna Hrushka • March 15, 2023

Fed, DOJ, SEC will all review Silicon Valley Bank’s failure

Sen. Elizabeth Warren, D-MA, however, demanded that Fed Chair Jerome Powell recuse himself from the central bank’s review, due to be publicly released by May 1.

By Gabrielle Saulsbery • March 14, 2023

Regulators backstop SVB deposits, launch emergency lending facility

The bank’s depositors received access to all their funds Monday morning. The $25 billion lending facility is aimed at providing liquidity to banks impacted by the firm’s collapse.

By Anna Hrushka • March 13, 2023

Biden: SVB, Signature customers can ‘rest assured’

Investors and certain debt holders, unlike depositors, will not be protected, President Joe Biden said.

By Gabrielle Saulsbery • March 13, 2023

Signature Bank closed by NY regulator

Business clients pulled deposits Friday after the crumbling of fellow crypto-friendly Silicon Valley Bank. An auction for Signature's assets could begin Monday.

By Dan Ennis • March 13, 2023

Finance firms outpacing other industries in work flexibility: survey

Eighteen percent of the 76 banks surveyed said they are fully flexible, while that percentage jumped to 78% for fintechs, a Scoop study found.

By Dan Ennis • March 8, 2023

Lake Shore Bancorp CEO to retire early amid OCC consent order

CEO Daniel Reininga had planned to retire in May, but a February consent order overrode an earlier agreement the OCC had with the bank, concerning cybersecurity.

By Rajashree Chakravarty • March 8, 2023