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"Silvergate Bank's Crypto Obsession and Oversight Failures Led to Fatal Collapse, Fed Report Reveals"
2 years ago•Source: CoinDesk
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"Trailblazing Lynn Martin: From Unconventional Path to NYSE President, One of the Most Powerful Women in Finance"
The 21st annual list of the Most Powerful Women in Banking has been released, with Jane Fraser of Citi securing the top spot for the third consecutive year. While banks claim to prioritize gender diversity, Fraser remains the only female CEO among the largest banks. The list includes C-suite executives and group heads from both large and small banks, showcasing notable leaders such as Marianne Lake, Jennifer Piepszak, Stacey Friedman, Lori Beer, Priscilla Sims Brown, and Jill Castilla.
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Wells Fargo Faces Customer Complaints Over Missing Deposits
Originally Published 2 years ago — by CNN
Wells Fargo is facing a technical issue that has caused customers to report missing direct deposits from their bank accounts. Numerous customers reached out to the bank via Twitter, expressing their inability to access deposited funds and some even incurring overdraft fees. The extent of the problem is currently unknown, but Wells Fargo has acknowledged the issue and apologized for the inconvenience. This is not the first time such a glitch has occurred, as a similar incident was reported in March.
RBI Governor highlights governance and reporting issues in Indian banks.
Originally Published 2 years ago — by Reuters
The Reserve Bank of India has identified instances of banks trying to conceal the real status of their stressed assets and governance gaps at certain lenders, according to its governor, Shaktikanta Das. Despite the guidelines on corporate governance, the RBI has come across gaps in governance at certain banks, which have the potential to cause some volatility in the sector. A robust governance structure is the most important requirement to ensure the stability of a bank and sustainable financial performance, Das added.
Bank Executives Blame Social Media for Fueling Runs and Collapse.
Originally Published 2 years ago — by Fox Business
Former CEOs of Silicon Valley Bank, Signature Bank, and First Republic Bank testified before House Financial Services subcommittees that social media played a significant role in fueling the "panic" that caused depositors to pull funds from the institutions, leading to unprecedented outflows of funds that appeared unstoppable. They warned that social media could indirectly impact or crash the U.S. banking system and called for measures to protect against it.
The Fallout of Silicon Valley Bank's Bailout
Originally Published 2 years ago — by The Lever
Federal banking regulators did not fulfill Silicon Valley Bank's pledge to provide billions in lending to low-income communities as part of an $11 billion community benefits agreement signed ahead of a major merger in 2021. The collapse of the bank could leave thousands of planned Bay Area affordable housing units in jeopardy and halt a $10 million program to increase homeownership in communities of color. Advocates are calling for stronger oversight of bank mergers and for tangible benefits for the public.
"Online Banking Platform Undergoes Website Revamp"
Originally Published 2 years ago — by Pinnacle Financial Partners
Pinnacle Financial Partners has made a minor but important change to its online banking website. When logging in, users will be directed away from the PNFP.com website and enter the one that hosts the online banking system, which now has a new website address: banking.apiture.com. The online banking system itself has not changed, and users can still log in at PNFP.com. However, users who use their browser or a browser plugin to remember their online banking credentials may need to follow instructions to retrieve or reset their password.
First Citizens Bank acquires Silicon Valley Bank's assets in multi-billion dollar deal.
Originally Published 2 years ago — by American Banker
Community activists are urging First Citizens BancShares to uphold the $11.2 billion community benefits agreement made by Silicon Valley Bank (SVB) in 2021, which was set to run through December 2026. Following the implosion of SVB's banking unit, advocates are worried about the disruption and potential loss of the plan. Discussions between First Citizens and at least three community reinvestment groups began last week, and more detailed meetings could take place as early as this week. The fact that First Citizens is engaged in its own five-year community benefits plan is a good sign, but it remains to be seen whether the bank will uphold SVB's commitments.
The Impact of Big Banks on Small Banks and Their Customers.
Originally Published 2 years ago — by The Wall Street Journal
Small banks are losing to big banks, and their customers are about to feel the impact. As larger banks continue to dominate the industry, smaller banks are struggling to keep up with the competition. This could lead to a decline in customer service and a lack of innovation in financial services.
FDIC sets deadline for Signature Bank's crypto clients to close accounts.
Originally Published 2 years ago — by Fox Business
The FDIC has informed crypto clients with deposits at Signature Bank that they must close their accounts and move their money by April 5th. New York Community Bancorp assumed most of Signature Bank’s deposits and some of its loans earlier this month, but the deal didn't include about $4 billion of deposits related to Signature’s digital-assets banking business. Any accounts not closed by the deadline will be automatically shut and depositors will receive a check in the mail. Signature Bank failed following the demise of Silvergate Capital and Silicon Valley Bank, and U.S. prosecutors were investigating its work with crypto clients before the lender’s sudden collapse.
The Rise of Self-Custody Startups Amidst De-Banking of Crypto Companies.
Originally Published 2 years ago — by CoinDesk
The recent shutdowns of Signature and Silvergate banks have left the crypto industry with unanswered questions about the reasons behind the shutdowns. Companies want certainty that they will be able to tap banking services, but banks need to be comfortable serving crypto companies. The industry needs to know what factors led to Signature becoming a failed bank. The FDIC announced that Flagstar Bank would acquire the assets of Signature Bank, except for about $4 billion in crypto-related deposits. Major banks aren’t rushing to fill the Signature/Silvergate-shaped hole for crypto companies.
FDIC Finds Buyer for Signature Bank Operations.
Originally Published 2 years ago — by The Real Deal
New York Community Bank's acquisition of loans from Signature Bank did not include the latter's $19.5bn multifamily loan book, which primarily covers the troubled rent-stabilized sector. The move could signal problems with those loans or simply that NYCB did not want to be overweighted in that area. The majority of Signature's multifamily lending was to rent-stabilized properties, which have seen values sink between 20 to 65 percent since a 2019 state law severely limited rent increases. The delayed sale of the loans does not bode well for potential buyers' perception of the multifamily loan book, and for stabilized borrowers facing distress, NYCB's pass on Signature's commercial real estate portfolio could spell tougher times ahead.