Claire Williams

Flagstar Bank, a subsidiary of New York Community Bancorp, will buy most of failed Signature Bank, but it's not taking Singature's digital-assets business as part of the deal.

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.

Federal Housing Finance Agency Director Sandra Thompson said that Federal Home Loan Banks benefit from the implied guarantee of the U.S. government.

Sens. J.D. Vance, R-Ohio, John Fetterman, D-Pa., and Katie Britt, R-Ala., take seats on the Senate Banking Committee.

The group, led by Senate Banking Chairman Sen. Sherrod Brown, said nonperforming loans sold to single family housing rental businesses or private equity firms results in the displacement of homeowners.

Sens. Elizabeth Warren, D-Mass.,  Roger Marshall,  R-Kan., and John Kennedy, R-La., asked Silvergate if the bank knew about FTX's alleged misuse of customer funds.

Repo markets and the bank deposit business, in particular, would be upended if the U.S. were to default on its debt, experts say.

In a series of tense exchanges, Republicans accused Consumer Financial Protection Bureau Director Rohit Chopra of making rules through press releases.

Martin Gruenberg has been acting chairman of the Federal Deposit Insurance Corp. since February and is the longest-serving member of the FDIC board.

The Consumer Bankers Association and the Center for Responsible Lending said the Consumer Financial Protection Bureau should renew its efforts to level the regulatory playing field between larger bank and nonbank companies that make installment and other kinds of personal loans.

Acting Chairman of the Federal Deposit Insurance Corp. Martin Gruenberg said that the agency will continue to consider its rising assessment rates even as deposits fell in the second quarter