Currently at 5 percent. Federal Reserve officials raised interest rates a quarter of a percent Wednesday. Rates are now at their highest since 2007. This increase is yet another…
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U.S. District Judge Sentences Infinity Q Founder to 15 Years
Imprisonment is the result of securities fraud. U.S. District Judge Denise Cote sentenced James Velissaris, the founder of Infinity Q Management, to 15 years of prison for misleading…
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Legislators Agree Bank Closure Fallout Requires Action
Promise to subpoena SVB CEO after two-week district break Senators began a two-week break to do local work in their respective states, but not before communicating their agreement…
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Senators Questions Fed Banking Regulators
They ask why there was no federal response to the warning signs ahead of the bank’s collapse. The Senate Banking Committee pressed banking regulators on their failure to…
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Treasury Secretary Says Financial Sector Stabilizing
The department continues support for banks, advocates for regulation updates Secretary of the Treasury Janet Yellen said that she believes that the financial sector is beginning to recover…
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Fed Again Considers Interest Rate Hike
Central bank members meet Wednesday. The two-day policy meeting of the Federal Reserve will meet Tuesday and Wednesday. Among their major considerations are the strains that have come…
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President Biden Seeks Tougher Penalties on Execs of Failed Banks
He wants Congress to levy legal and monetary penalties. President Biden has urged federal legislators to pass legislation for regulators that would hold the executives of failed banks…
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Three U.S. Banks Have Failed
The FDIC, Treasury Department, and Federal Reserve are working together to ensure depositors’ access to funds. The Federal Deposit Insurance Corporation has taken over the Silicon Valley Bank…
Read MoreRegulators Shut Down California Bank
Customers make massive withdrawals after big asset losses. The Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation shut down the Silicon Valley Bank…
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City National Bank Settles Redlining Dispute with DOJ
The entity denies allegations of discrimination and pledges to open a branch in the area. The Department of Justice (DOJ) announced that City National Bank has agreed to…
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