'No doubt' that more banks will fail after Silicon Valley Bank's implosion, says the FDIC chair who oversaw part of the 1980s banking crisis
Meanwhile, that the"American banking system is really safe and well-capitalized, it's resilient."
"In the aftermath of the 2008 financial crisis, new controls were put in place, better capital and liquidity supervision, and was tested during the early days of the pandemic," Yellen said.The FDIC did not immediately respond to Insider's request for comment. Secura/Isaac Group, Isaac's advisory firm, also did not immediately respond to Insider's request for comment sent outside regular business hours.
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JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank - AxiosJPMorgan Chase & Co and PNC Financial Service Group Inc are among those in talks about acquiring SVB Financial Group in a deal that would exclude its commercial banking unit Silicon Valley Bank that is currently under U.S. control, Axios reported on Monday citing sources.
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FDIC's Takeover of SVB Sparks Bank Runs, BoA & Wells Fargo FearsSVB's collapse has sparked bank runs at branches across the country, and now ... additional fears are percolating that even more big banks could be next in having the FDIC step in and take over.
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SVB doled out bonuses ahead of FDIC seizureSilicon Valley Bank paid out annual bonuses to eligible U.S. employees, just hours before the bank was seized by the U.S. government.
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FDIC racing to start returning some uninsured SVB deposits as soon as Monday, Bloomberg News saysThe Federal Deposit Insurance Corporation (FDIC), which is overseeing the emergency breakup of SVB Financial Group , is racing to sell assets and make a portion of clients' uninsured deposits available as soon as Monday, Bloomberg News reported on Saturday, citing people with knowledge of the situation.
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Treasury, FDIC to brief California lawmakers on SVB collapseU.S. Treasury and Federal Deposit Insurance Corp. (FDIC) officials plan to brief members of California's congressional delegation on the collapse of Silicon Valley Bank, Axios has learned.
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No Federal Bailout for SVB, But FDIC Auction Is UnderwayThe auction process for the financially-distressed bank is set to end Sunday afternoon.
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