Category: Signature Bank

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Treasury Secretary Yellen Holds Unscheduled Meeting With Top Financial Regulators Amid Turmoil in Banking Sector

March 25, 2023

U.S. Treasury secretary Janet Yellen initiated an unscheduled Financial Stability Oversight Council (FSOC) meeting with the country’s top financial regulators on Friday amid issues plaguing the U.S. banking sector. Banking stocks and all four U.S. benchmark indexes fell again on Friday as the government’s efforts last week failed to quell the country’s financial calamity. Janet…
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Operation Chokepoint: Bitcoin Advocates Discuss US Government’s Alleged Mission to Eliminate Crypto Access

March 23, 2023

Since the collapse of three American banks friendly to cryptocurrency businesses and the U.S. government’s insistence that crypto assets are “risky investments,” many speculators believe bureaucrats are purposely closing access to cryptocurrencies. Some refer to the U.S. government’s recent enforcement as “Operation Chokepoint,” a mission aimed at eliminating access to the crypto ecosystem in the…
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Today in Crypto: Coinbase Halts Support for Signature Bank’s Signet, MetaMask & MoonPay Expand Partnership in Nigeria, India to Hit 156M Crypto Users This Year, Xapo Bank Integrates USDC Payment Rails

March 21, 2023

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________… Read More: Today in Crypto: Coinbase Halts Support for Signature Bank’s Signet, MetaMask & MoonPay Expand Partnership in Nigeria, India to Hit 156M Crypto Users This Year, Xapo Bank Integrates USDC Payment Rails…
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Yellen defends government intervention to avoid another SVB

March 21, 2023

The Treasury Secretary of the U.S. Janet Yellen said the federal government will intervene if it is necessary to protect other small lenders. Nearly two weeks after the collapse of three United States banks – Silicon Valley Bank (SVB), Silvergate and Signature- Treasury Secretary Janet Yellen said the federal government is ready to take action…
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US exploring ways to guarantee the country’s 18T of bank deposits: Report

March 21, 2023

The current deposit insurance cap under the FDIC is $250,000, but recent banking collapses have seen calls to increase that amount. U.S. officials are reportedly studying ways to expand the current scope of deposit insurance that would guarantee all U.S. bank deposits should the current banking crisis worsen. The current deposit insurance cap under the…
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Flagstar Bank Acquires Signature Bank’s Assets and Branches, Excluding Cryptocurrency Operations

March 20, 2023

On Monday, about a week after the collapse of Signature Bank, the Federal Deposit Insurance Corporation (FDIC) announced that Flagstar Bank, a wholly owned subsidiary of New York Community Bancorp, acquired 40 former branches of Signature and its assets. Flagstar assumed nearly all of Signature’s deposits, except for $4 billion of deposits related to the…
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First Republic Bank’s Shares Downgraded to Junk Status by S&P Global; Stock Slides More Than 25% Lower

March 20, 2023

After UBS acquired Credit Suisse and close to a dozen financial institutions injected $30 billion into First Republic Bank four days ago, S&P Global downgraded First Republic’s shares to junk status on Sunday. Investors are concerned that the cash infusion from 11 major financial institutions may not address the bank’s liquidity issues. First Republic’s shares…
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FDIC sells Signature Bank deposits to Flagstar, crypto not included

March 20, 2023

The 40 branches of Signature Bank will officially reopen and operate as Flagstar Bank on March 20. Only a week after its collapse, Signature Bank’s deposits and loans are set to be sold to Flagstar Bank, a subsidiary of New York Community Bancorp — but crypto-related deposits will not be part of the deal. The…
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Fed, central banks enhance ‘swap lines’ to combat banking crisis

March 20, 2023

Currency swap lines have been used during times of crisis in the past, such as the 2008 global financial crisis and the 2020 coronavirus pandemic. The United States Federal Reserve has announced a coordinated effort with five other central banks aimed at keeping the U.S. dollar flowing amid a series of banking blowups in the…
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US Lawmaker Urges Government to Guarantee All Deposits to Avoid Runs on Smaller Banks

March 20, 2023

A U.S. congressman has urged the federal government to temporarily insure every bank deposit in the country. Following the collapses of several major banks, he stressed that if the government does not do this, there will be a run on smaller banks. “This is a contagion that could be spread across the entire banking system,”…
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