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Articles for Fdic

'Disaster': Trump allies said to be mulling 'one of the dumbest ideas anyone could have'
5 days, 6 hours ago

'Disaster': Trump allies said to be mulling 'one of the dumbest ideas anyone could have'

Raw Story  

Donald Trump's allies have discussed dismantling a Depression-era reform intended to prevent bank failures and maintain trust in the financial system, according to a report. Sources told CNN that the president-elect's allies are interested in shrinking or even closing the Federal Deposit Insurance Corporation and giving the Treasury Department oversight of deposit insurance, but former regulators and academics say that …

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Abolishing the FDIC could backfire on Trump and his allies
5 days, 18 hours ago

Abolishing the FDIC could backfire on Trump and his allies

CNN  

New York CNN — The Federal Deposit Insurance Corporation was created during the Great Depression to restore trust in a financial system shaken by the failure of thousands of banks. Aaron Klein, senior fellow at the Brookings Institution, told CNN that while the United States has too many bank regulators, there is “no chance” lawmakers would approve shutting the FDIC. …

Financial Banking Congress Trump Bank Treasury Cnn
The fintech company that collapsed and took $90m of people’s life savings with it
5 days, 22 hours ago

The fintech company that collapsed and took $90m of people’s life savings with it

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. They used apps like Yotta or Juno — …

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CNN panel spirals out of control over Trump team threat 'to crash the banking system'
1 week, 2 days ago

CNN panel spirals out of control over Trump team threat 'to crash the banking system'

Raw Story  

A Washington Post columnist and economics commentator jabbed President-elect Donald Trump late Friday on CNN — and did so with a snarky apology. Catherine Rampell — who just a day earlier found herself in a spat with Republican strategist Scott Jennings — joined CNN's "NewsNight" to kick off a discussion about reporting that Trump's allies are mulling plans to weaken …

Trump Bank Journal Donald Trump Cnn Rampell Deposit Insurance
'The next recession starts here': Trump team weighs abolishing bank regulators
1 week, 3 days ago

'The next recession starts here': Trump team weighs abolishing bank regulators

Raw Story  

President-elect Donald Trump and his advisers are reportedly considering plans to weaken—or abolish altogether—top bank regulators, including the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency. The Wall Street Journal reported Thursday that members of Trump's transition team and the new Elon Musk-led Department of Government Efficiency have asked nominees under consideration to head the FDIC …

Trump Bank Journal Fdic Bank Regulators
Trump’s team has reportedly asked about closing a bank regulator
1 week, 3 days ago

Trump’s team has reportedly asked about closing a bank regulator

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Donald Trump’s transition team has reportedly looked at ways to …

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Trump team mulls axing Great Depression-era agency that guards against bank failures: WSJ
1 week, 3 days ago

Trump team mulls axing Great Depression-era agency that guards against bank failures: WSJ

Raw Story  

President-elect Donald Trump's advisers, alongside tech billionaire Elon Musk's Department of Government Efficiency task force, are soliciting opinions from nominees on whether it would be possible for Trump to abolish the Federal Deposit Insurance Corporation, the Wall Street Journal reported Thursday. Trump's advisers "have asked the nominees under consideration for the FDIC, as well as the Office of the Comptroller …

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No more FDIC? Trump team mulls how to shrink bank regulators
1 week, 3 days ago

No more FDIC? Trump team mulls how to shrink bank regulators

Salon  

The Trump transition team is considering ways to shrink, consolidate or eliminate bank regulators in Washington, D.C., a move that would have a massive impact on agencies in charge of protecting consumers' money, according to The Wall Street Journal. The U.S. economy relies heavily on FDIC deposit insurance to maintain Americans’ confidence in the financial system, with the insurance protecting …

Trump Fdic Bank Regulators Bank Regulator
Embattled FDIC Chair to Leave Agency on Eve of Inauguration
1 month ago

Embattled FDIC Chair to Leave Agency on Eve of Inauguration

Live Mint  

-- Martin Gruenberg, the head of the Federal Deposit Insurance Corp., will step down on Jan. 19. “It has been the greatest honor of my career to serve at the FDIC,” Gruenberg said in a message Tuesday to agency employees. “I have especially valued the privilege of working with the dedicated public servants who carry out the critically important mission …

Bloomberg Agency Fdic Gruenberg
Why you shouldn’t store your money in payment apps
2 months ago

Why you shouldn’t store your money in payment apps

LA Times  

As use of payment apps like Venmo has grown in recent years, the Consumer Financial Protection Bureau has issued guidance on best practices to avoid pitfalls. It’s not always a fun thing to talk about.” As use of payment apps has grown in recent years, the Consumer Financial Protection Bureau has issued guidance on best practices to avoid pitfalls. “Popular …

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'Daily Show' Has Brutal Warning Over Trump's Crypto 'Grift'
3 months ago

'Daily Show' Has Brutal Warning Over Trump's Crypto 'Grift'

Huff Post  

LOADING ERROR LOADING “Daily Show” correspondents Ronny Chieng and Michael Kosta used Wednesday night’s show to sound the alarm over Donald Trump’s latest attempt to “grift” his most devoted followers: a new crypto venture called World Liberty Financial. “Donald Trump, the world’s most trustworthy businessman, is now in crypto, the world’s most trustworthy business,” Chieng said, then he turned to …

Donald Trump Chieng Kosta Crypto Venture
Biden to nominate Christy Goldsmith Romero as FDIC chair after abrupt departure of predecessor
6 months, 1 week ago

Biden to nominate Christy Goldsmith Romero as FDIC chair after abrupt departure of predecessor

Associated Press  

NEW YORK — President Joe Biden will nominate Christy Goldsmith Romero to replace Martin Gruenberg as head of the Federal Deposit Insurance Corporation. A longtime financial regulator, Goldsmith Romero is currently a commissioner at the Commodity Futures Trading Commission, the nation’s financial derivatives regulator. “She has proven herself to be a strong, independent, and fair regulator who is not afraid …

Republican Fdic Gruenberg Goldsmith Romero
The 'Chilling' Trump Plan That Could Pave The Way For Authoritarianism
6 months, 1 week ago

The 'Chilling' Trump Plan That Could Pave The Way For Authoritarianism

Huff Post  

Donald Trump has no greater enemy than the United States’ federal bureaucracy — what he calls the “deep state.” And he has a plan to bend it to his will if he’s elected in November. Donald Moynihan, a professor of public policy at Georgetown University, signed on to an open letter in April arguing Schedule F would open the door …

Political Public Policy Trump Political Pressure White House Workers Service
Welcome to Washington, Where Background Checks Miss All Kinds of Red Flags
6 months, 3 weeks ago

Welcome to Washington, Where Background Checks Miss All Kinds of Red Flags

Politico  

He has been at the FDIC since 2005 and in charge of the powerful bank regulator multiple times. But here are some of the words that FDIC employees used to describe their boss when his temper flares, according to a probe into the agency’s workplace culture by the law firm Cleary Gottlieb: “aggressive,” “harsh,” “vitriol” and “disrespectful.” “Although most did …

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Top Democrat calls for Biden to replace FDIC chairman to fix agency's 'toxic culture'
7 months ago

Top Democrat calls for Biden to replace FDIC chairman to fix agency's 'toxic culture'

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors …

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The White House says FDIC chairman to step down following report on agency’s toxic workplace culture
7 months ago

The White House says FDIC chairman to step down following report on agency’s toxic workplace culture

Associated Press  

NEW YORK — The White House said Monday that the chairman of the Federal Deposit Insurance Corporation will step down, a departure that follows the release earlier this month of a damning report about the agency’s toxic workplace culture. The White House said Martin Gruenberg will step down once a successor is appointed and that President Joe Biden will name …

Report Democrat Fdic Gruenberg
Biden will name new boss soon to lead 'toxic' FDIC
7 months ago

Biden will name new boss soon to lead 'toxic' FDIC

NPR  

Biden will name new boss soon to lead 'toxic' FDIC Enlarge this image toggle caption Win McNamee/Getty Images Win McNamee/Getty Images The embattled chairman of the Federal Deposit Insurance Corporation says he's prepared to step down, but only after a successor is confirmed by the Senate. FDIC chairman Martin Gruenberg has been under pressure since a scathing report two weeks …

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FDIC chair is grilled on Capitol Hill after report outlines agency’s toxic workplace culture
7 months, 1 week ago

FDIC chair is grilled on Capitol Hill after report outlines agency’s toxic workplace culture

Associated Press  

WASHINGTON — Federal Deposit Insurance Corp. Chairman Martin Gruenberg sat for a second day of grilling Thursday on Capitol Hill, this time at the Senate Banking Committee, after a damning report about the agency’s toxic workplace culture was released last week. An independent review of the FDIC ‘s workplace culture released last week describes an environment that fostered “hostile, abusive, …

Capitol Hill Chair Fdic Gruenberg Report Outlines
FDIC report outlines ‘misogynistic,’ ‘patriarchal’ ‘good ol’ boys’ workplace culture
7 months, 2 weeks ago

FDIC report outlines ‘misogynistic,’ ‘patriarchal’ ‘good ol’ boys’ workplace culture

Associated Press  

WASHINGTON — An independent review of the Federal Deposit Insurance Corp. ‘s workplace culture describes an environment that fostered “hostile, abusive, unprofessional, or inappropriate conduct,” and questions whether the agency’s chairman is credible to lead the agency through a cultural transformation. The incidents span from field offices to headquarters in Washington, and ”arose within a workplace culture that is ‘misogynistic,’ …

Culture Workplace Report Agency Fdic Gruenberg Misogynistic Patriarchal
How to protect YOUR cash from banking Armageddon: Shark Tank star Kevin O'Leary warns THOUSANDS more 'radioactive' regional banks could fail like SVB - you'll be amazed how simple it is to be safe
10 months, 1 week ago

How to protect YOUR cash from banking Armageddon: Shark Tank star Kevin O'Leary warns THOUSANDS more 'radioactive' regional banks could fail like SVB - you'll be amazed how simple it is to be safe

Daily Mail  

Regional banks are doomed. BEWARE THE COMING REAL ESTATE IMPLOSION New York Community Bancorp made more headlines this week after reporting a surprise loss of $252 million on its commercial real estate loan portfolio in the fourth quarter of 2023 alone. Considering that small firms reportedly hold nearly 70 percent of $2.7 trillion in outstanding commercial real estate loans, it's …

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Potential 'time bomb' for US economy looms as $1.5 trillion in real-estate mortgages will come due
1 year, 6 months ago

Potential 'time bomb' for US economy looms as $1.5 trillion in real-estate mortgages will come due

Daily Mail  

Some $1.5 trillion in real-estate mortgages will come due in the next two years - paving the way for a potential financial crisis as higher interest rates push down property values. The long answer is, 'hell yes,'' Senior Senate Banking Committee member John Kennedy said Monday of the looming commercial real estate crisis - an increasingly likely event that many …

Property Office Remote Work Work Commercial Loans Estate
Heads of failed banks refuse to accept blame, defend their pay and bonuses
1 year, 7 months ago

Heads of failed banks refuse to accept blame, defend their pay and bonuses

LA Times  

Gregory Becker, left, former CEO of Silicon Valley Bank, testifies with Scott Shay, former chairman and co-founder of Signature Bank, and Eric Howell, former president of Signature Bank, during a Senate hearing on Capitol Hill on Tuesday. Top executives at Silicon Valley Bank and Signature Bank largely avoided taking responsibility for their banks’ dramatic failures at a Senate hearing Tuesday, …

Pay Executives Stock Senate Valley Warren Signature
Is my money safe? What you need to know about bank failures
1 year, 7 months ago

Is my money safe? What you need to know about bank failures

Associated Press  

NEW YORK — Recent turmoil in the banking industry may have you worried about your money. If you have over $250,000 in individual accounts at one bank, which most people don’t, the amount over $250,000 is considered uninsured and experts recommend that you move the remainder of your money to a different financial institution, said Caleb Silver, editor in chief …

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PacWest Bank stocks tumble over 50 percent in after-hours trading
1 year, 7 months ago

PacWest Bank stocks tumble over 50 percent in after-hours trading

Daily Mail  

Shares in Beverly Hills-based PacWest bank plummeted by 50 percent in after-hours trading on Wednesday after it emerged the bank had sought help for either a sale or injection of fresh capital - as a closely-watched financier warned of dominoes falling. On Wednesday it was revealed that the bank is seeking help for a possible sale or fresh injection of …

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