The California Department of Financial Protection and Innovation released its report on the events that led to the March 10 failure of Silicon Valley Bank — but the remedies aren't fully clear.
The Silicon Valley Bank failure is the old story of what happens when short-term depositors want their money back from a bank with only long-term assets.The report said the department would “discuss with bank management what kind of social media monitoring a bank is conducting and how the bank intends to confront reputational and public relations concerns in the digital age.” It also promised to provide training to its bank examiners to better assess those risks.
“Wall Street is quickly realizing that the future of digital banking means bank runs can happen with a couple social media posts,” he said. “We live in a different world that will always have elevated banking run risk until more protections are put in place.”First Republic Bank plunged to a record low as investors sorted through rescue scenarios, none of which is likely to be good for current shareholders.
The bank also faced unusual risk since its deposit base was highly concentrated in the tech industry and 93.8% of its deposits, totaling $151.6 billion, were uninsured, the highest ratio of any large U.S. bank, the report said. The Federal Deposit Insurance Corp. insures deposits up to $250,000. Three days after the failure, amid concerns that the failure would start a widespread bank panic, the FDIC announced it would guarantee all of the bank’s deposits.
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
California bank regulator finds its own faults in Silicon Valley Bank's demiseCalifornia's bank regulator said Monday that it was too slow to see the growing risks at Silicon Valley Bank and did not act forcefully enough to get the...
続きを読む »
SiliCon, Silicon Valley’s pop culture and maker fest, canceled for 2023The festival of all things science and geek had been scheduled for October in Santa Clara.
続きを読む »
Report: Regulators saw problems, but didn’t make Silicon Valley Bank fix them fast enoughA report from California’s department devoted to business oversight says state and federal regulators saw reasons for concern over Silicon Valley Bank’s financial practices, but didn’t force changes soon enough. by GraceGedye
続きを読む »
Theranos and Silicon Valley's 'Fake It Till You Make It' Culture“The Theranos story is an important lesson for Silicon Valley. Innovators who seek to revolutionize and disrupt an industry must tell investors the truth about what their technology can do today, not just what they hope it might do someday.” (From 2018)
続きを読む »
Singapore's central bank imposes additional capital requirement on DBS BankThe moves follow disruptions to the bank's digital banking services on March 29 and May 5, the Monetary Authority of Singapore said in a statement.
続きを読む »
Jill On Money: Fed puts itself under the microscopeSome crises seem to come out of the blue, while others take place in slow motion. The failure of Silicon Valley Bank (SVB) qualifies for the former, while the failure of First Republic Bank (FRB) w…
続きを読む »