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FDIC moves bid deadline for Silicon Valley Private Bank to Friday
NEWS RIAS MAR 23, 2023
FDIC moves bid deadline for Silicon Valley Private Bank to Friday

Bids are also still due Friday for the so-called bridge bank that the FDIC set up this month to seize the assets and liabilities of Silicon Valley Bank.

Federal Reserve raises interest rates by a quarter percentage point
NEWS INDUSTRY NEWS MAR 22, 2023
Federal Reserve raises interest rates by a quarter percentage point

It’s the second straight rise of 25 basis points following a string of aggressive moves starting in March 2022, when rates were near zero.

Investors face big tax bills for these mutual funds
INVESTING MUTUAL FUNDS MAR 22, 2023
Investors face big tax bills for these mutual funds

Even though the S&P 500 fell 19% last year, fund managers’ sales of securities to adjust their positions can result in capital gains.

First Republic rebounds off record low amid talk of fresh aid plan
NEWS INDUSTRY NEWS MAR 21, 2023
First Republic rebounds off record low amid talk of fresh aid plan

The stock led a broad-based rally in U.S. banks, with the KBW Regional Banking Index surging 4.8% for its biggest gain since January 2021.

UBS credit outlook cut to negative by S&P, Moody's following Credit Suisse deal
NEWS WIREHOUSES MAR 21, 2023
UBS credit outlook cut to negative by S&P, Moody's following Credit Suisse deal

In addition, Fitch places UBS on rating watch negative due to uncertain implications of the acquisition on the combined credit profile of the two banks.

Yellen says US will intervene to protect smaller banks if necessary
NEWS REGULATION AND LEGISLATION MAR 21, 2023
Yellen says US will intervene to protect smaller banks if necessary

The Treasury Secretary's comments come amid heightened worries about financial stability after the collapse of two US banks and UBS' deal to buy troubled Swiss rival Credit Suisse.

Biden vetoes bill blocking Labor Department ESG rule
RETIREMENT RETIREMENT PLANNING MAR 20, 2023
Biden vetoes bill blocking Labor Department ESG rule

The measure would have rescinded the DOL rule allowing retirement plans to consider environmental, social and governance issues in their investment decisions.

FDIC extends bidding for Silicon Valley Bank
NEWS REGULATION AND LEGISLATION MAR 20, 2023
FDIC extends bidding for Silicon Valley Bank

The regulator said that it's seen 'substantial interest' from multiple potential buyers.

First Republic stock falls in early trading after S&P cuts rating for second time
NEWS WIREHOUSES MAR 20, 2023
First Republic stock falls in early trading after S&P cuts rating for second time

The rating agency lowered the bank's long-term issuer credit rating to B+ from BB+, having already downgraded the lender to junk last Wednesday.

UBS to buy Credit Suisse in deal to end crisis
NEWS WIREHOUSES MAR 19, 2023
UBS to buy Credit Suisse in deal to end crisis

The Swiss bank is reportedly paying more than $2 billion for its rival in an all-share deal priced at a fraction of Credit Suisse's close on Friday.