Frank griped that regulators’ move to shut down Signature was overly aggressive — claiming that the bank could have survived.
Barney Frank — the retired congressman who co-authored the Dodd-Frank Act to tighten bank regulations after the 2008 financial crisis — is now under fire over his role in the latest US banking disaster.was shut down by state regulators over the weekend
, becoming the industry’s third major casualty since Silicon Valley Bank was abruptly shuttered on Friday and the crypto-focused Silvergate Capital shut down a week earlier. In an interview with Bloomberg late Sunday, Frank partly blamed cryptocurrencies, which hadn’t existed when he and fellow lawmakers in Washington were grappling with the collapse of Lehman Brothers in 2008.. “A new and destabilizing – potentially destabilizing – element is introduced into the financial system. What we get are three failures.”
Frank didn’t address the fact that crypto had become a key growth vehicle for Signature Bank under the direction of himself and others — despite widespread concerns about the risks of the notoriously volatile sector.claiming that the bank could have survived“I think that if we’d been allowed to open tomorrow, that we could’ve continued — we have a solid loan book, we’re the biggest lender in New York City under the low-income housing tax credit,” Frank said.
Frank, a staunch Democrat and Chair of the House Financial Services Committee during the 2008 crisis, was brought onto Signature because of his deep understanding of the importance of financial regulation, according to
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Barney Frank Sat on Board for Collapsed Signature BankFormer Rep. Barney Frank (D-MA), author of the 2010 Dodd-Frank bill, sat on the board for Signature Bank which collapsed in the wake of the Silicon Valley Bank (SVB) implosion.
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Why regulators seized Signature Bank in third-biggest bank failure in U.S. historyThe swift move shocked executives of Signature Bank, said board member and former congressman Barney Frank.
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Crypto-friendly Signature Bank shut down by regulators, after collapses of Silicon Valley Bank, SilvergateState authorities closed Signature Bank Sunday, after Silicon Valley Bank was shut down by regulators on Friday in the biggest bank failure since the 2008...
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Signature Bank is closed by regulators, the third US bank failure in a weekWe’re suddenly running a little low on crypto-friendly US banks
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U.S. Treasury says Silicon Valley Bank, Signature Bank 'not being bailed out'New policies adopted on Sunday by U.S. banking regulators will 'wipe out' equity and bondholders in Silicon Valley Bank and Signature Bank of New York while protecting all customer deposits, a senior U.S. Treasury official said.
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Regulators close New York's Signature Bank following Silicon Valley Bank collapseThe New York Department of Financial Services announced on Sunday that it has taken possession of Signature Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as the bank's receiver.
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