The Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation put the $229.1 billion California-based First Republic Bank into receivership today on May 1, while the FDIC also entered into a “purchase and assumption agreement” with JP Morgan-Chase Bank for the nation’s largest bank to assume First Republic’s assets as well as its $103.9 billion of deposits.
Another one bites the dust.
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The Federal Deposit Insurance Corp. agreed that the North Carolina-based First-Citizens Bank & Trust Co. can acquire the troubled Silicon Valley Bank, and 17 branches of the California-based bank will reopen Monday as branches of First-Citizens.
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A former economic adviser to former President Donald Trump said Monday that the Federal Deposit Insurance Corporation (FDIC) prevented several efforts to purchase Silicon Valley Bank. Federal regulators shut down Silicon Valley Bank Friday after its stock price collapsed and customers began a bank run following the financial institution’s disclosure of a $1.8 billion loss on asset sales due to high interest rates, CNBC reported. The Federal Deposit Insurance Corporation (FDIC) also shut down Signature Bank Sunday, citing “systemic risk,” CNBC reported separately.
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The collapse of Silicon Valley Bank (SVB) has sparked comments from 2024 GOP candidates and hopefuls about why the bank failed and what the government should do in its wake.
Declared candidates, businessman Vivek Ramaswamy, former South Carolina Gov. Nikki Haley and former President Donald Trump, as well as contender Florida Gov. Ron DeSantis, have spoken out about what might have led to SVB’s collapse and against government bailouts. The Federal Deposit Insurance Corporation (FDIC) took control of SVB after its Friday shut down when their stock plummeted following mass withdrawals.
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Republican senators claimed in a Monday letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra that he has returned the federal agency to its “lawless and unaccountable” Obama-era “roots.”
Led by Pennsylvania Sen. Pat Toomey, the 12 senators are taking aim at Chopra’s alleged “abuses of power” that are a “serious concern.” Chopra should “reverse course” and ensure the CFPB “stay[s] within the boundaries of law,” the senators wrote.
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