banks

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A Bank Collapsed. Next: Moves to Avoid a 'Contagion'

Media outlets detail Biden administration's frenzied weekend to try to keep banking crisis at bay

(Newser) - The collapse on Friday of Silicon Valley Bank , which was bookended by the shuttering of two other financial institutions, led to wider fears among Biden administration officials: the possibility of a "contagion" that could lead to a domino effect of failure among America's banks, as one White House...

Report: Bank Was at Center of Criminal Probe Before Collapse

Per Bloomberg, the feds were looking into Signature Bank's dealings with crypto clients

(Newser) - On Tuesday, a spokesperson for the New York State Department of Financial Services insisted that the shuttering of Signature Bank, the third US financial institution to collapse in just a matter of days, had "nothing to do with crypto," per Reuters . By Tuesday evening, however, Bloomberg suggested that...

Biden Tries to Shore Up Confidence in Bank System

'Your deposits will be there when you need them'

(Newser) - One of President Biden's first orders of business on Monday was to attempt to reassure Americans—and the financial markets—that the banking system is on solid ground after a tumultuous few days .
  • "Your deposits will be there when you need them," said Biden in a national
...

Largest Bank Collapse Since 2008 Just Went Down

FDIC shutters Silicon Valley Bank, seizes its assets

(Newser) - The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The FDIC ordered the closure of SVB and immediately took possession of all deposits at the bank. The bank had...

Warren: Fraud, Scams on Rise at Zelle

Senate report finds growing cases of fraud on payment service, limited reimbursements

(Newser) - Incidents of fraud and scams are occurring more often on the popular peer-to-peer payment service Zelle, according to a report issued Monday by the office of Sen. Elizabeth Warren, giving the public its first glimpse into the growing problems at Zelle. The report also found that the large banks that...

Already Angry Bank Customers Here Are About to Get Angrier

Lebanon shutters banks 'indefinitely' after heist spree by patrons trying to access trapped cash

(Newser) - If you're in Lebanon and need to do regular banking, better download the app—and expect all the usual limitations on how much money you can take out. That's because after being closed for three days already, most banks there are now shuttered "indefinitely" after a rush...

Exodus From Russia Now Includes Wall Street Banks

Goldman Sachs is first to make the move

(Newser) - Another financial shot to Russia: Goldman Sachs on Thursday became the first major Wall Street bank to pull out of the nation since the invasion of Ukraine, reports NPR . It's a sign of the increasing economic isolation being imposed on Moscow by the West, though CNBC describes US banking...

Whistleblower Reveals 18K Secret Swiss Bank Accounts

Credit Suisse did business with some nefarious characters

(Newser) - The idea of not-so-upright characters stashing money in a Swiss bank account is a staple of Hollywood—and a large leak of account holders with the giant Credit Suisse suggests it's right on the money:
  • The leak: A whistleblower gave the German newspaper Sueddeutsche Zeitung data on more than
...

Under Fire, Biden's Pick for Bank Regulator Pulls Out

'It is no longer tenable for me to continue' as the nominee for OCC, says Saule Omarova

(Newser) - Saule Omarova, President Biden's nominee to head up the Office of the Comptroller of the Currency, has taken her name out of the running. "I deeply value President Biden's trust in my abilities and remain firmly committed to the Administration's vision of a prosperous, inclusive, and...

'Grandparent Scam' Victim Sues Her Bank

Florida widow lost more than $700K, says bank was negligent

(Newser) - The "grandparent scam" has been around for a while, but the Tampa Bay Times reports on one with a particularly large payday and an unusual legal twist. An attorney for 82-year-old Anna Nunn of Florida says his widowed client was bilked of more than $700,000—and she's...

ATM Customer Makes Startling Discovery at Bank

Nature's masked 'bandits' had broken in to a California Chase and were wreaking havoc

(Newser) - Some faces were made for radio; others were made for breaking into banks. CBS San Francisco and KPIX report that a customer was using an ATM outside a Chase bank in Redwood City, Calif., around 7:30am Tuesday morning when he saw what he thought was a stuffed animal on...

Trucks Relocate Nearly $12B in Gold Bullion

(Newser) - This really was the gold standard of road trips. The Netherlands' central bank transported its Dutch-based stock of gold—14,000 bars and about 1,000 boxes of gold coins—from its headquarters in Amsterdam to a safe in the nearby city of Haarlem in a meticulously and closely guarded...

Man Checks Stimulus Money, Suddenly Has Over $8M

Charles Calvin knew something wasn't right

(Newser) - A volunteer firefighter was a little surprised to see his $1,700 stimulus payment turn him into a multi-millionaire, CNN reports. "What in the world is going on, man?" says Charles Calvin, 45. "That doesn't seem right." When the Indiana resident took his MetaBank card to...

BofA Slammed Over 'Misleading' Mortgage Relief

As the entire mortgage system faces potential collapse

(Newser) - Many homeowners are getting a break on mortgage payments these days, but the devil can be in the details. Connecticut resident Rosanne Stoddard tells CNBC she got quite a shock when she called Bank of America about her $2,200 monthly payments. They granted her a three-month pandemic waiver, she...

The Fed Is Lending $1T a Day
The Fed Is Lending $1T a Day
Mar 21, 2020 9:31 AM CDT

The Fed Is Lending $1T a Day

It's also buying Treasury bonds at a furious pace

(Newser) - The Federal Reserve moved with unprecedented force and speed Friday to pump huge amounts of cash into the financial system to ease disruptions that have escalated since the viral outbreak, the AP reports. The New York Federal Reserve Bank said it will offer $1 trillion of overnight loans a day...

Bank Worker's Christmas Eve Kindness Gets Her Canned

Emily James fired from US Bank after giving broke customer $20

(Newser) - One of US Bank's core tenets is "We put people first," but when one of its own senior bankers tried to do just that, she was fired. Emily James tells the Oregonian that on Dec. 23, she was working at the bank's call center in Gresham,...

There's a 'New Abnormal.' Here's Where Banks Come In

San Francisco Fed warns of financial risks that could come into play due to global warming

(Newser) - Greta Thunberg has warned about the environmental perils of climate change. Now, bank regulators are sending up the red flag on possible financial consequences. The warnings come courtesy of the Federal Reserve Bank of San Francisco , which put out a series of 19 papers, compiled by more than three...

Cops: Couple Blew $100K Mistakenly Put in Their Account

They've been charged with felony theft

(Newser) - After Pennsylvania couple Robert and Tiffany Williams received an unexpected windfall of $120,000, they went on a massive spending spree over the next two-and-a-half weeks, police say. One problem: The money wasn't theirs. Police say that after a BB&T bank teller accidentally deposited the $120,000 in...

Trump: I Don't Need Banks Because I Have Cash

President fires back at 'New York Times' over negative story

(Newser) - The New York Times wrote a story critical of President Trump's dealings with Deutsche Bank, and now the president is firing back. In Monday morning tweets, Trump rejected the notion that banks have been leery of working with him—instead, he says he's been so successful in business...

Deal Would Create 6th Largest Bank in US

SunTrust and BB&T plan to merge

(Newser) - Southeastern regional banks BB&T and SunTrust will attempt to join in an all-stock deal, creating a new bank that would be the sixth largest in the US based on assets and deposits. It would have approximately $442 billion in assets, $301 billion in loans, and $324 billion in deposits,...

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