-
BlackRock Faces Jan. 10 Deadline For Compliance Over Bank Stakes As FDIC Scrutinizes Investor Power: Report
Tuesday, December 31, 2024 - 1:04am | 548The Federal Deposit Insurance Corporation and BlackRock Inc. (NYSE:BLK) are heading toward a critical Jan. 10 deadline over new compliance measures affecting the asset manager’s holdings in U.S. banks, marking a significant development in the ongoing debate over institutional investor...
-
Coinbase CEO Brian Armstrong Criticizes Regulatory Overreach: 'Nothing To Capture In Small Government' (UPDATED)
Tuesday, November 5, 2024 - 1:08am | 609Editor’s Note: This story has been updated to include a comment from an FDIC spokesperson. Brian Armstrong, CEO of Coinbase, criticized the government’s overreach and lack of transparency amid the ongoing tussle between the cryptocurrency industry and regulatory bodies. What Happened:...
-
Coinbase Sues SEC And FDIC Over Alleged Attempts To Stifle Crypto Industry
Thursday, June 27, 2024 - 9:57am | 763Crypto exchange Coinbase (NASDAQ:COIN) has filed lawsuits against the Securities and Exchange Commission and the Federal Deposit Insurance Corporation for failing to comply with Freedom of Information Act requests. What Happened: The company is seeking a court order to compel these agencies to...
-
Biden Administration Close To Naming Christy Goldsmith Romero To Oversee FDIC Amid Agency's Turmoil: Report
Monday, June 10, 2024 - 11:41pm | 567In a bid to restore stability to the Federal Deposit Insurance Corp, the White House is considering Christy Goldsmith Romero, a regulator with experience in financial crisis management, to head the agency. What Happened: The White House is reportedly close to naming Christy Goldsmith Romero as the...
-
FDIC Chairman Martin Gruenberg To Step Down Amid Widespread Sexual Harassment Allegations At The Agency
Monday, May 20, 2024 - 10:57pm | 756Federal Deposit Insurance Corp Chairman Martin Gruenberg has announced his resignation following a report that exposed rampant sexual harassment within the agency. What Happened: Gruenberg has agreed to step down once his successor is confirmed, according to The Wall Street Journal. This decision...
-
Maxine Waters, Elizabeth Warren Back FDIC Chairman With Agency Under Fire For Toxic Workplace
Thursday, May 9, 2024 - 5:15pm | 672The head of the Federal Deposit Insurance Corporation (FDIC) is set to address Congress next week amid allegations of sexism, abuse, and racism within the workplace. What Happened: Martin Gruenberg, who has been at the helm of the FDIC since January 2023, first joined the FDIC board in 2005 and...
-
US Regulators Seize Republic First Bancorp, Fulton Bank Steps In As Buyer Amid Regional Banking Woes
Saturday, April 27, 2024 - 2:23am | 546Republic First Bancorp (OTC:FRBK) has been seized by U.S. regulators and sold to Fulton Bank, a unit of Fulton Financial Corp (NASDAQ:FULT). This comes a year after the collapse of three of its peers amid a regional bank crisis. What Happened: The Philadelphia-based Republic First, which had...
-
Could 3 Powerful Fund Managers Take Control Of US Banks?
Tuesday, April 2, 2024 - 11:33am | 856The big three fund managers that jointly manage more than $23 trillion in assets are coming under the scrutiny of federal regulators over their large holdings in many U.S. banks. BlackRock Inc (NYSE:BLK), State Street Corp (NYSE:STT) and Vanguard run funds that passively track the performances of...
-
Jerome Powell's Dovish Approach Creating 'Irrational Exuberance' Among Investors, Says Ex-FDIC Chair: 'This Is A Mistake'
Monday, December 18, 2023 - 3:48am | 637The financial markets’ optimistic reaction to the Federal Reserve’s potential interest rate cuts in 2024 is dangerously overblown, cautioned former FDIC Chair Sheila Bair. What Happened: Bair, during her interview with CNBC, expressed apprehensions about Federal Reserve Chair Jerome...
-
Blackstone Leads The Pack In Signature Bank's Massive Property Loan Sale
Sunday, November 19, 2023 - 4:45pm | 427Blackstone Inc. (NYSE: BX) is reportedly the lead contender in the purchase of a $17 billion portfolio of commercial-property loans from the Federal Deposit Insurance Corporation’s sale of Signature Bank's debt. This comes as regulators attempt to offload the fallen bank's debts....
-
FDIC Launches Mega Sale: Signature Bank's $18.5B Loan Portfolio On The Market
Friday, July 28, 2023 - 5:04pm | 380The Federal Deposit Insurance Corp. (FDIC) has kickstarted the sale of a loan portfolio valued at $18.5 billion held by Signature Bank. This portfolio is a collection of debt linked to prominent private equity and investment firms. As Bloomberg’s Natalie Wong reported on Friday, the portfolio...
-
FDIC Proposes Large Banks Fork Out $15.8B For Clean-Up Of SVB, Signature Bank
Thursday, May 11, 2023 - 11:38pm | 434The Federal Deposit Insurance Corporation said on Thursday that of the total cost of the failures of Silicon Valley Bank and Signature Bank, approximately $15.8 billion was attributable to the protection of uninsured depositors. FDIC stated that banking organizations with total assets over $50...
-
SEC Said To Probe If First Republic Executives Engaged In Insider Trading Ahead Of Collapse
Saturday, May 6, 2023 - 5:01am | 276First Republic Bank collapsed this week and was placed under Federal Deposit Insurance Corporation receivership. The assets and deposits of the bank were then sold to JPMorgan Chase & Co. (NYSE:JPM). The SEC is investigating whether any members of First Republic's executive team indulged in...
-
One Washington Lawmaker Traded Stock In The First Republic Bank Crisis Curiously Well
Monday, May 1, 2023 - 11:49am | 832Regional banks find themselves under scrutiny as the shadow of another bank failure looms large. A congressional member's sale of stock in the collapsing bank before its downfall may exacerbate concerns surrounding the topic of trading by Congress members. What Happened: One of the largest...
-
FDIC Works Overtime To Announce A First Republic Takeover By Late Sunday, Reports Say. Rumor Suggests PNC Might Prevail Over Bigger Peers.
Sunday, April 30, 2023 - 3:13pm | 418First Republic Bank's (NASDAQ:FRC) fate may soon be sealed. Multiple media outlets earlier reported that the beleaguered regional bank would soon be taken over by the Federal Deposit Insurance Corporation (FDIC). The FDIC, in turn, is said to be actively seeking a potential buyer for First Republic...