Crypto highlighted as 'novel and complex' risk to US banks: FDIC report
The FDIC warns that uncertainty around crypto's legal status, the likelihood of fraud and contagion present key risks to United States banks.
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Kansas Heartland Tri-State Bank closed by FDIC as banking crisis deepens
Heartland Tri-State Bank of Elkhart was closed on July 29, with the Federal Deposit Insurance Corporation (FDIC) taking control.
Money stored on mobile payment apps may not be FDIC insured, US watchdog warns
Deposits on mobile payment apps may not be insured by the FDIC, and customers may not know whether their money is insured or not.
Signature Bank failed to understand risks associated with crypto: FDIC chair
A related report penned down by FDIC Chief Risk Officer cited poor management as “the root cause of Signature Bank’s failure.”
FDIC pins Signature Bank's failure on poor governance and illiquidity
FDIC blamed SBNY’s board of directors and management for pursuing “unrestrained growth” using uninsured deposits without implementing liquidity risk management strategies.
FDIC alleges Cross River engaged in 'unsafe' lending practices
Cross River is yet to admit nor deny the allegations that it “engaged in the unsafe or unsound banking practices” related to its lending activity in 2021.
FDIC plans to return $4B in Signature crypto deposits 'by early next week' — Martin Gruenberg
The Treasury Department's Under Secretary for Domestic Finance Nellie Liang said at the same hearing she didn’t believe crypto “played a direct role” in the failure of the banks.
Crypto-friendly banks mismanaged traditional risks, FDIC head tells Senate hearing
It all started with FTX, FDIC head Martin Gruenberg said; he emphasized that the American banking system remains sound.
US midsize banks seek FDIC Insurance on 'all deposits' for 2 years: Report
The banking coalition reportedly argued that it would bring stability to the banking industry and reduce the chances of "more banking failures," in a letter to federal regulators.
Blockchain Association seeks info from Fed, FDIC, and OCC on 'de-banking' crypto firms
The association submitted Freedom of Information Act requests as part of an investigation into how regulators’ actions “improperly contributed” to the collapse of three banks.