Claire Williams

President Biden asked that Congress pass measures that would expand the Federal Deposit Insurance Corp.'s ability to claw back compensation from the executives of failed banks, among other measures.

Treasury Secretary Janet Yellen took the first step of walking back an implicit guarantee by the U.S. government that other banks would see their depositors fully backstopped should the bank fail.

The Arkansas congressman, a leading Republican on the House Financial Services Committee, said while he doesn't believe blanket expanding deposit insurance is warranted, different premium structures for covering deposits would be "worthwhile."

Maxine Waters, the top Democrat on the House Financial Services Committee, says she's confident some of the issues surrounding the failures of Silicon Valley Bank and Signature Bank will require legislation.

President Joe Biden said that deposits at U.S. banks are safe following swift action from his administration's bank regulators.

The Treasury Department issued a "systemic risk exception" allowing it to cover uninsured deposits at SVB and Signature Bank, which New York State closed on Sunday.

The bank's tech-sector focus contributed to its rapid demise. But the reasons for its failure come down to the nuts and bolts of banking, and other banks may have similar vulnerabilities.

In a subcommittee hearing on the CFPB, Rep. Andy Barr, R-Ky., sought to dismiss "sky is falling" concerns about other agencies' funding structures being questioned in wake of potential Supreme Court decision.

For some political strategists, rising economic populism in the Republican party could mean that more financial services firms could face more political risk.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg said that the rise of hybrid and remote work, alongside rising interest rates, could be creating lingering risk in the maturity of some bank loans.