Ford Recalls 1.3 Million Fusion and Lincoln MKZ Sedans for Brake Hose Leaks
Ford is recalling nearly 1.3 million of its 2013-2018 Fusion and Lincoln MKZ sedans in North America due to a front brake hose that could rupture and leak brake fluid, potentially affecting stopping ability and increasing the risk of a crash. The recall covers 1,280,726 sedans in the US, 66,000 vehicles in Canada, and 18,000 […]
Continue reading SVB Financial Group Files for Bankruptcy After US Authorities Seize Assets
SVB Financial Group, the parent of US lender Silicon Valley Bank, has filed for bankruptcy nearly a week after US authorities seized the bank’s assets following a run on deposits.[0] In the bankruptcy documents, the parent company of the bank listed that it had between one thousand and five thousand creditors.[1] Chapter 11 bankruptcy is […]
Continue reading The Collapse of Silicon Valley Bank: How it Happened and What it Means
Silicon Valley Bank, one of the largest banks in the United States by asset size, collapsed in just a two-day stretch between March 8th and March 9th, 2023. Its CEO was also a board member of the Federal Reserve Bank of San Francisco, one of the twelve “bankers’ banks” that make up the Federal Reserve […]
Continue reading Fed Introduces Bank Term Funding Program to Support US Banks
In a time of economic turmoil, the Federal Reserve Board has established a new program to provide support to American businesses and households. On Mar. 12, the Fed announced the Bank Term Funding Program, or BTFP, which offers loans of up to one year in length to banks, savings associations, credit unions, and other eligible […]
Continue reading US Jobless Claims Reach 10-Week High, Despite Tight Labor Market
US Jobless Claims Hit 10-Week High of 211K On Thursday, the US Labor Department reported that weekly jobless claims jumped by 21,000 to 211,000, up from the previous week’s unrevised estimate of 190,000 claims. This is the highest figure in 10 weeks, suggesting a softening in the labor market.[0] Continuing jobless claims, which include people […]
Continue reading Silicon Valley Bank Collapse: How it Happened and What to Know Now
Silicon Valley Bank, a top-20 bank in the US by asset size, suddenly collapsed last week, leaving a huge impact on the tech world.[0] With its close ties to venture capital firms, the bank had been a major lender to tech startups and other businesses in the Bay Area.[1] In the span of just two […]
Continue reading US Big Banks Unite to Provide Financial Stability to First Republic Bank
America’s largest banks have come together to demonstrate their confidence in the country’s banking system, announcing a $30 billion uninsured deposit into First Republic Bank on Thursday. Bank of America, Citigroup, JPMorgan Chase and Wells Fargo are each making a $5 billion deposit, while Goldman Sachs and Morgan Stanley are each contributing $2.5 billion.[0] BNY […]
Continue reading Fed’s BTFP Offers $2 Trillion in Liquidity to U.S. Banks
On March 12, the Federal Reserve Board announced the creation of the Bank Term Funding Program (BTFP), a $25 billion emergency loan program offering loans of up to one year to banks, savings associations, credit unions, and other eligible depository institutions.[0] The loans are available to depository institutions pledging US Treasuries, agency debt and mortgage-backed […]
Continue reading Treasury Secretary Janet Yellen Testifies on Biden Budget and Banking System’s Soundness
Treasury Secretary Janet Yellen appeared before the Senate Finance Committee on Thursday to testify on President Biden’s 2024 budget proposal, as well as to reassure legislators and citizens that the country’s banking system remains “sound” despite the recent collapse of the second largest bank in U.S. history.[0] The government’s response to the bank failure was […]
Continue reading Warren and Porter Propose Bill to Strengthen Federal Oversight of Banks After Silicon Valley Bank and Signature Bank Collapse
In the wake of the collapse of Silicon Valley Bank and Signature Bank, Senator Elizabeth Warren and Representative Katie Porter of California have proposed a bill that would put banks with at least $50 billion in assets back under the Dodd-Frank Act’s stringent regulations.[0] This would repeal a Trump-era banking regulation rollback that raised the […]
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