A report reveals Heartland Tri-State Bank's failure last year was due to its CEO being ensnared in a sophisticated investment scam that is taking more victims.

Heartland Tri-State Bank, which failed after its CEO allegedly embezzled money to fund cryptocurrency investments, had received $21 million in advances from the Federal Home Loan Bank System.

Rep. Andy Barr, R-Ky., a senior Republican on the House Financial Services Committee, said he intends to press Federal Reserve Chair Jerome Powell to refine the Basel III capital proposal before it is finalized.

Limited regulation and elevated volatility limit current activity, but new offerings are still finding their way to market.

The Federal Deposit Insurance Corp. said in a report released Friday that Signature's rapid, unrestrained growth and inadequate risk management practices outpaced supervisors' ratings and responses, even though the issues were known to the agency.

Securities and Exchange Commission Chairman Gary Gensler emphasized the connection between the cryptocurrency market and the recent banking crisis in testimony on Capitol Hill. He seeks more resources to police crypto firms whose business model, he says, is "noncompliance."

Homebuyers in Colorado, Florida and Texas can apply for a minimum $1 million loan with the company.

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.

The FDIC named Greg Carmichael, who retired last year as CEO of Fifth Third Bancorp, to run a bridge bank that will hold Signature's deposits and most of its assets.

The crypto-friendly California bank ran into trouble last year following the collapse of the cryptocurrency exchange FTX and the flight of deposits held by crypto companies.