Scammers impersonating FDIC federal employees, officials warn

Snippet of Article: "...A new phone scam is making the rounds, with scammers this time impersonating federal employees, officials warned Monday.

Mississippi Public Service Commissioner for the Northern District Chris Brown said people have been calling residents and impersonating employees for the Federal Deposit Insurance Corporation (FDIC), which is the agency that insures the money deposited at participating banks, and claiming that the person's money isn't safe at their bank or credit union. ..."

Source: www.fox13memphis.com

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These banks will be required to detail how they will address shortcomings | Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase

US regulators chide four big-banks, FDIC escalates Citi concerns

Snippet of Article: "U.S. bank regulators ordered Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase on Friday to bolster plans for how they could be safely resolved in bankruptcy, and FDIC escalated its concerns about Citi's blueprint...The FDIC also escalated its concerns with Citi's (C.N), opens new tab plan to a "deficiency," meaning the regulator found it not credible ..."

Source: www.reuters.com

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Shhh! Biden administration tells Americans: Don’t call it a bailout

Snippet of Article: "...Don’t call it a bailout — at least in the 2008 sense. That’s the message the Biden administration sent Sunday after it moved to guarantee all deposits at Silicon Valley Bank, as well as New York-based Signature Bank -- even those with accounts above the federally protected amount of $250,000. ...taxpayers aren’t financing this move, at least not directly. “Instead, the cost of covering the deposits, including uninsured amounts in excess of the FDIC’s $250,000 limit, will be paid for in part out of the agency’s Deposit Insurance Fund — a reserve that is paid for by a quarterly fee on banks,” Wile writes."

Source: www.nbcnews.com

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U.S. Regulators are working to bail out (Backstop) wealthy SVB customers not protected over $250,000 FDIC Insurance

US regulators say SVB customers will be made whole as second bank fails

Snippet of Article: "an extraordinary action to restore confidence in America’s banking system, the Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have access to all their money starting Monday. ...By guaranteeing all deposits – even the uninsured money that customers kept with the failed banks –...The Fed will also make additional funding available for eligible financial institutions to prevent runs on similar banks in the future. "

Source: CNN

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Silicon Valley Bank (SVB) | Wealthy crying for another bailout knowing their money was only protectect to $250,000

Yellen says no federal bailout for Silicon Valley Bank

Snippet of Article: "The Federal Deposit Insurance Corporation insures deposits up to $250,000, but many of the companies and wealthy people who used the bank – known for its relationships with technology startups and venture capital – had more than that amount in their account. ..."

Source: www.detroitnews.com

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