Silicon Valley Bank seeks to recapture lost ground in venture debt
A remnant of the failed bank, now owned by First Citizens, is trying to reclaim its once-prominent role in venture-debt lending to startups. But competition from HSBC and JPMorgan Chase as well as fintechs has multiplied in recent months.
Fed OIG highlights shortcomings in Fed’s oversight of Silvergate Bank
The Federal Reserve Office of Inspector General said supervisors failed to promptly address the risks associated with Silvergate Bank’s rapid growth in uninsured cryptocurrency deposits, ultimately leading to the bank’s voluntary self-liquidation in March 2023.
Fed’s top regulator calls for discount window readiness by banks
Citing Silicon Valley Bank as an example of being ill prepared, Federal Reserve Vice Chair for Supervision Michael Barr says the central bank can only serve as lender of last resort if banks are “ready and able” to borrow.
Jerome Powell and the Fed are officially on Instagram
The Fed announced Monday that it would join Instagram and Threads, bolstering its social-media presence to seven platforms.
Goldman staffer’s path from ethics award to insider trading case
Anthony Viggiano and three classmates once won a competition about which team could best tackle dilemmas they’d face as financial professionals. He’s now accused by federal prosecutors of being at the center of an insider trading scheme.
RBC takes steps to address unrealized losses at City National unit
The Royal Bank of Canada has made a series of transactions that should boost the profitability of its struggling U.S. subsidiary. Debt securities that had been owned by City National have lost value as a result of rising long-term bond yields.
Northeast Credit Union adds leasing option to fight rising auto prices
With multiple economic factors driving up the costs of owning a vehicle, the $1.9 billion-asset institution in New Hampshire is partnering with Credit Union Leasing of America to make car ownership more affordable for members.
Trump overvalued assets to get ‘higher on the Forbes List’
Donald Trump wanted to get higher on the Forbes billionaires list and save a fortune on loan terms by overvaluing his properties, according to documents presented by New York Attorney General Letitia James at the former president’s civil fraud trial.
Inside the Discover consent order: A sweeping audit, but no fines
The financial institution released details of an FDIC consent order, weeks after the unexpected departure of longtime CEO Roger Hochschild. The bank must submit several action plans to address consumer protection violations within three months.
RBB Bancorp, Gateway Bank in Bay Area call off merger
The $23 million deal, signed in 2021 and initially projected to close in the second quarter of 2022, was delayed multiple times amid leadership turnover at the Los Angeles-based RBB.