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mchenry: the fdic the fed to bail out the fdic.>> the american banking association came out with a paper talking why was there a 100 basis point penalty? we are living in extraordinary measures and folks having worked with the treasury department you don't get that extraordinary measures are not meant to be normal and dysfunction and no offense to congress but dysfunction in wasngton has created a situation that people can live in extraordinary measures without creating other problems and the fact that they happened in that period, the deposit insurance fund isn't liquid cash, it's in treasury. mr. mchenry: that is joyful spring of 2023. >> i'm a research assistant. is there a reason?g■ we couldn't index to inflation rather than revisiting it every generation? >> sounds like 250 for a while. >> we index in the deposit in 2. and congress -- >> did a nice job of remodeling the thrift supervision process. he went to gift. you have your work cut out for you to make sense of this. >> american banker. you mentioned you didn't think depos
mchenry: the fdic the fed to bail out the fdic.>> the american banking association came out with a paper talking why was there a 100 basis point penalty? we are living in extraordinary measures and folks having worked with the treasury department you don't get that extraordinary measures are not meant to be normal and dysfunction and no offense to congress but dysfunction in wasngton has created a situation that people can live in extraordinary measures without creating other problems and...
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liz: former fdic chair sheila bair with. with elon musk about the debt package that a helped the tesla' -- ceo buy twitter. charlie break withs it next. what are they talking about? what needs to be done? many stay tuned. ♪ ♪ that's a different story. with the chase ink card, we got up and running in no time. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card. make more of what's yours. after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" i'm thinking company wide power nap. [ employees snoring ] anything can change the world of work. from hr to payroll, adp designs for the next anything. (vo) explore the world the viking way from the quiet comfort of elegant small ships with no children and no casinos. we actually have reinvented ocean voyages, designing all-inclusive experiences for the thinking person. viking - voted world's best by both travel + leisure and condé nast traveler. learn more at viking.com. . . numbe
liz: former fdic chair sheila bair with. with elon musk about the debt package that a helped the tesla' -- ceo buy twitter. charlie break withs it next. what are they talking about? what needs to be done? many stay tuned. ♪ ♪ that's a different story. with the chase ink card, we got up and running in no time. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card. make more of what's yours. after last month's massive solar flare added a 25th hour to the...
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that is why i want to ask you about the fdic. have you read the article in the "wall street journal" entitled strip clubs, lewd photos and boozy hotel the toxic atmosphere at bank regulator fdic. >> i think i did read that a couple of months ago. >> did you read the article fdic lawyers stayed on leave for weeks after chilled porn arrest. >> i don't remember that one. >> did you read the article entitled in the "wall street journal" fdic chair none for temper ignored bad behavior in workplace? >> honestly, i don't. i read so much. i remember the broad story but not particular stories. >> did you read the article in which a former female employee of the fdic allegedly recalled her male colleagues saying women needed to use sex to get ahead at the fdic if >> i do not recall that. >> did you read the article in which a female risk management examiner during a lunch with a male examiner said she had become friendly with that examiner and he complained to her about his marriage allegedly telling her he wasn't getting enough sex and sh
that is why i want to ask you about the fdic. have you read the article in the "wall street journal" entitled strip clubs, lewd photos and boozy hotel the toxic atmosphere at bank regulator fdic. >> i think i did read that a couple of months ago. >> did you read the article fdic lawyers stayed on leave for weeks after chilled porn arrest. >> i don't remember that one. >> did you read the article entitled in the "wall street journal" fdic chair none...
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that's why i want to ask you about the fdic. have you read the article in "the wall street journal" entitled, quote, strip clubs, loved photos and a boozy hotel, the toxic fdic bank regularity, end quote. >> i think i did read that. >> did you read the article, fdic lawyer stayed on pay for weeks after child porn arrest, end quote? >> i did not read that. >> did you read the article entitled, fdic chair known for temper, ignored bad behavior in workplace, end quote? >> honestly, i -- i read so much. i remember the broad story, but not particular stories. >> did you read the article in which a former female employee of the fdic allegedly recalled her male colleagues saying, women needed to use sex to get ahead at the fdic? >> i do not recall that. >> okay. did you read the article in which a female risk management examiner during a lunch with a male examiner had said she had become friendly with that examiner and he complained to her about his marriage, allegedly, telling her he wasn't getting enough sex and she allegedly said, q
that's why i want to ask you about the fdic. have you read the article in "the wall street journal" entitled, quote, strip clubs, loved photos and a boozy hotel, the toxic fdic bank regularity, end quote. >> i think i did read that. >> did you read the article, fdic lawyer stayed on pay for weeks after child porn arrest, end quote? >> i did not read that. >> did you read the article entitled, fdic chair known for temper, ignored bad behavior in workplace, end...
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Mar 20, 2024
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■a you led the fdic for a number of years effectively in our view.t's your lens on the governance of these agencies today? >> so, i'll answer thi question not as the former fdic chairman, but the banking committee. very important. frankly, they're supposed to be checks and balances in the agencies, especially multi-member board agencies and the checks and balances are supposed to go like it is, and bring you evidence. preferably quantitative evidence why things need to be changed. you discuss thing internally and it comes up to you refine things internally and comes up to the board for a vote. and board members give input and hopefully that is better. when that breaks down two checks and balances in the system and one is congressional oversight and■on other one is judicial and i often say this to people who matter at these agencies, i hope you get sued. and they say well-- i do appreciate the agency, i love the agency, but i get sued and i hope you lose. the reason is when you promulgate rules and basically the ■4downfall of the practice that i outli
■a you led the fdic for a number of years effectively in our view.t's your lens on the governance of these agencies today? >> so, i'll answer thi question not as the former fdic chairman, but the banking committee. very important. frankly, they're supposed to be checks and balances in the agencies, especially multi-member board agencies and the checks and balances are supposed to go like it is, and bring you evidence. preferably quantitative evidence why things need to be changed. you...
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Mar 13, 2024
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but i will say under the law the fdic is required to accept the highest bid that reduces fdic losses as much as possible. details of what the bids were you will have to consult with him. >> i guess the worry is, i'm very worried about the three- tiered bank system. you want small medium and large banks but i also want a healthy bank sector below those. my concern here is that we actually did not care enough about concentration and how that transaction manifested itself. i guess the simple question is, is that because you did not have the tools to analyze that transaction with concerns about concentration, or because you had the tools and didn't use them? >> let me first say i share your concern and believe it's important to have a diverse banking system. i believe there were a number of bids by different banks for svb and for first republic. as i said i believe under the law that the fdic is required to accept the bid that results in the smallest losses to the deposit insurance fund. >> understood, thank you. >> thank you so very much chair brown. it has been 14 years, 14 years since
but i will say under the law the fdic is required to accept the highest bid that reduces fdic losses as much as possible. details of what the bids were you will have to consult with him. >> i guess the worry is, i'm very worried about the three- tiered bank system. you want small medium and large banks but i also want a healthy bank sector below those. my concern here is that we actually did not care enough about concentration and how that transaction manifested itself. i guess the simple...
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Mar 8, 2024
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. >> that's why i want to ask you about fdic.ote, strip clubs nude photos and a boogie hotel botoxic atmosphere, bank regulator, fdic. >> i think i read a couple of months. fdci stayed on paid leave for weeks after child porn arrest, end quote? >> i don't remember that one. >> okay, did you read the article entitled also in the wall street journal, quote, fdic chair known for tempergnored bad behavior in workplace, end quote? >> honestly -- i read so much. i can't -- i remember the whole -- the broad particular stories. >> did you read the article in which aormer female employee of the fdic allegedly recalled her male colleagues saying wome/ needed to use sex to get ahead at the fdic? >> i did not recall that. >> did you read the article in which a female risk management examiner during a lunch with a d become friendly with that examiner and complain today her about his marriage telling her he wtshe allegedly said, quote, obviously -- he allegedly said, obviously if i walked into this office andy you were naked i'd fuck you right
. >> that's why i want to ask you about fdic.ote, strip clubs nude photos and a boogie hotel botoxic atmosphere, bank regulator, fdic. >> i think i read a couple of months. fdci stayed on paid leave for weeks after child porn arrest, end quote? >> i don't remember that one. >> okay, did you read the article entitled also in the wall street journal, quote, fdic chair known for tempergnored bad behavior in workplace, end quote? >> honestly -- i read so much. i can't...
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Mar 17, 2024
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so the benefit related to, for instance, fdic insurance, run in favor of the intermediary.onsumer with the just what is essentially a contract claim against the intermediary. as long as the intermediary has assets to make good on withdrawal request, payment request, then everything is fine. but if the intermediary becomes insolvent, that insurance through the banking system ultimately does not benefit the consumer. th a claim in a bankruptcy against the intermediary, not unlike the customers of the now defunct ftx. >> i appreciate that because i'm a dyed in all deep free marketer, and like free markets mean everybody has to play on the same playing field an idea that if i use schwab and by doug hughes then the festivals, different incentives. that strikes me as fundamentally anti-capitalistic idea -- -- venmo. there's this sort of libertarianism that says that we should never give her information to the government because we can't trust government information.■b the we should get all information to private companies that have no obligation to the public interest to consumma
so the benefit related to, for instance, fdic insurance, run in favor of the intermediary.onsumer with the just what is essentially a contract claim against the intermediary. as long as the intermediary has assets to make good on withdrawal request, payment request, then everything is fine. but if the intermediary becomes insolvent, that insurance through the banking system ultimately does not benefit the consumer. th a claim in a bankruptcy against the intermediary, not unlike the customers of...
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Mar 14, 2024
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if they go bankrupt, doessl the fdic reimburse the customers? >> thank you for the question.omers are holding their phones with the relationship only to that non-bank intermediaries. the fdic -- >> it's like loading mother to your brother not if your brother-in-law is sam bankman-fried's. >> yes. >> okay. i'll ask mr. holshouser, representing technet. if one of your members goes bankrupt will the other members ship in and make the customers hold or will those customers, voters be here demanding congress bail them out? >> depends on what side of the fintech and as you speaking of. there's reliability, credit and debit and of the product but some exposure. >> you've got, right now they're holding onto $18 billion. they they are investigating either something safe maybe pork bellies, i don't know where they put their money. where are they put it today they can put it somewhere else more risky tomorrow. your members are not going to build them up. it here demanding a bailout from congress. the deal with venmo is that you pay 1.75% to get your money three days earlier. i don't thi
if they go bankrupt, doessl the fdic reimburse the customers? >> thank you for the question.omers are holding their phones with the relationship only to that non-bank intermediaries. the fdic -- >> it's like loading mother to your brother not if your brother-in-law is sam bankman-fried's. >> yes. >> okay. i'll ask mr. holshouser, representing technet. if one of your members goes bankrupt will the other members ship in and make the customers hold or will those customers,...
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Mar 4, 2024
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so i believe that the right solution the last spring is to modernize fdic insurance and raise limitsep their payroll accounts in an insured bank with confidence. i also think the fdic should offer additional privately purchased insurance from banks, which is a private market solution. i talked about both those things in front of congress last spring myself but congress has not been moving -- >> to wrap up here, you said 4700 banks. we have too many banks still, don't we? >> i think we're goingto have a lot fewer banks. and also, scale works. banks in are bigger tend to be more profitable and it's a way that banks can pay for all this additional regulation. so i think there will be more consolidation going forward, and i think actually the big policy decision we need is we don't need four big banks. we need four big banks that have other banks that they compete with more so that's why i think deals like capital one and discover are actually good for the market, because they'll create more competition and more choice for consumers. >> right. tom, always a pleasure. thank you. >> thank
so i believe that the right solution the last spring is to modernize fdic insurance and raise limitsep their payroll accounts in an insured bank with confidence. i also think the fdic should offer additional privately purchased insurance from banks, which is a private market solution. i talked about both those things in front of congress last spring myself but congress has not been moving -- >> to wrap up here, you said 4700 banks. we have too many banks still, don't we? >> i think...
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if they go bankrupt, does the fdic reimburse the customers? >> thank you for the question. the simple answer is no. those customers are holding their phoneit relationship only to that non-bank intermediaries. the fdic -- >> it's like loading mother to your brother not if your brother-in-law is sam bankman-fried's. >> yes. >> okay. ask mr. holshouser, representing technet. if one of your members goes bankrupt will the other members customers hold or will those customers voters be here demanding congress bail them out? >> depends on what side of the fintech and as you speaking of. there's reliability credit and debit and of the product but some exposure. >> you've got right now they're holding onto $18 billion. they they are investigating either something saferlies i don't know where they put their money. where are they put it today they can put it somewhere else more riskybers are not going to build them up. it here demanding a bailout from congress. i'll point out the deal with venmo is that you pay 1.75% to get your money three earlier. i don't think apr is really the way
if they go bankrupt, does the fdic reimburse the customers? >> thank you for the question. the simple answer is no. those customers are holding their phoneit relationship only to that non-bank intermediaries. the fdic -- >> it's like loading mother to your brother not if your brother-in-law is sam bankman-fried's. >> yes. >> okay. ask mr. holshouser, representing technet. if one of your members goes bankrupt will the other members customers hold or will those customers...
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senator kennedy: i want to ask■ you about the fdic."wall street journal" entitled strip clubs and nude photos and. did you read the article fdic lawyers sted on paid leave for weeks after child porn arrest. mr. powell: i don't remember that fdic chair known for temper ignored bad behavior in workplace, end quote? mr. powell: i read so much. i remember the broad story, but the particular stories. senator kennedy: did you read the article in which a former female employee of the recalled her male colleagues saying women needed to use sex to get ahead at the fd inch c? mr. powell: i don't recall. senator kennedy: did you read the article that a female risk manager during a lunch said she had become friendly with that examiner and he complained to her about his marriage, telling her he wasn't getting enough sey said, obviously if i walked into this office and you were naked, i would f-right here. wall wall do you remember the supervisory member in denver who was denoted minnesotaed in 2014 to a nonsupervisory position in tulsa after having
senator kennedy: i want to ask■ you about the fdic."wall street journal" entitled strip clubs and nude photos and. did you read the article fdic lawyers sted on paid leave for weeks after child porn arrest. mr. powell: i don't remember that fdic chair known for temper ignored bad behavior in workplace, end quote? mr. powell: i read so much. i remember the broad story, but the particular stories. senator kennedy: did you read the article in which a former female employee of the...
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Mar 12, 2024
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the fdic fund hasn't been modernized in some time.s, give them more deposit insurance, and that would have stopped the run a year ago. that's what should be done, not these higher capital ratios which i think are going to end up being anti-competitive for the banks and would not be focused on what happened last year. maria: such an important point that you make, thomas, it's exactly the sentiment of robert kaplan, former president of the dallas federal reserve, that is where he says change is needed as well, looking at the insurance, thomas, great to have you. final word. >> final word is, the one area i agree with which is putting mark to market bond portfolios down a little bit lower into the industry, i think that is a good idea. that would be one proposal i think that should stick but i think that the deposit insurance is the null better one thing that could have stopped the spreadnd a it was the reason why the fdic was created. that's what i think should be focused on, not taking capital ratios up. maria: we will keep a spotlight
the fdic fund hasn't been modernized in some time.s, give them more deposit insurance, and that would have stopped the run a year ago. that's what should be done, not these higher capital ratios which i think are going to end up being anti-competitive for the banks and would not be focused on what happened last year. maria: such an important point that you make, thomas, it's exactly the sentiment of robert kaplan, former president of the dallas federal reserve, that is where he says change is...
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you fast forward about three, four months later, they acquire signature from the fdic.their own balance sheet than anyone appreciated, and, you know, there was an tub there for them -- there for d -- an opportunity for them to raise capital pretty much because they'd been blessed by the fdic. unfortunately, they did not do that. it would have allowed themselves time the work through their own issues. perhaps do some restructure things of their own. you know, you're here today, people still have a lot of questions given the disclosures we know now that, you know, create challenges. so, you know, unfortunately a lot of this is legacy-driven versus flag star or is signature-driven, though signature did push them over 100 billion, and that clearly resulted in other regulatory -- liz: what about the common stockholder? they are massively diluted. while the guys who are putting their money at risk, this consortium already, i believe, are in the money with all of the detailed work they've done to make sure they get the warrants and the preferred, etc. doesn't this have to be a
you fast forward about three, four months later, they acquire signature from the fdic.their own balance sheet than anyone appreciated, and, you know, there was an tub there for them -- there for d -- an opportunity for them to raise capital pretty much because they'd been blessed by the fdic. unfortunately, they did not do that. it would have allowed themselves time the work through their own issues. perhaps do some restructure things of their own. you know, you're here today, people still have...
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there's a lot of blame to go around right now the fdic, should they ever have allowed this bank to buy the assets of signature bank obviously, clearly, they should not have there's a ton of blame i blame the management of new york community bank, the way they've handled this, even the fact of allowing the potential need to raise capital through an equity sale to get out and break in the media and, jenny, it's a free market. this is what will happen in th free market. the free market will find that predatory behavior i think this is a classic example of we are going through in this country a much-needed consolidation in the regional banks. >> so, to your point, mike mayo of wells fargo securities, has been making the point, goliath wins as a result of these types of stories and sort of what joe was directly suggesting, too, the biggest financial institutions in this country are the ones who either get bigger because they take up some of these troubled assets, and they're the ones who come out in the forefront. i don't want any of this to overshadow, bryn, the point steve liesman made of
there's a lot of blame to go around right now the fdic, should they ever have allowed this bank to buy the assets of signature bank obviously, clearly, they should not have there's a ton of blame i blame the management of new york community bank, the way they've handled this, even the fact of allowing the potential need to raise capital through an equity sale to get out and break in the media and, jenny, it's a free market. this is what will happen in th free market. the free market will find...
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Mar 15, 2024
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and so the occ and the fdic went into new york community bank, and they found a lot of missed marketser one cockroach. in other words, right now we believe and we with hear from our institutional a clients around the world there are looking at a lot of other super regional banks, and the way the super regionals are performing versus the s&p, charles, is just mind-blowing. you've never seen it outside of a financial crisis. we're talking, look i -- like, 40-50% underperformance versus the s&p over the last year for some of these super regionals. so i think the fdic and the occ, they have a list, kind of a wish list of next victims that they're going to go after. charles: so, i mean, with that in find then, i mean, it sounds extraordinarily ominous. i do want to, without giving too much away, i do want to share from your book some of the key bullets with the audience. we're going to put them on the screen because we're looking at global systemic risk, global economic outlook, china being the epicenter of risk, unimagine imaginable debt. that's hard -- amazing coming from our country, an
and so the occ and the fdic went into new york community bank, and they found a lot of missed marketser one cockroach. in other words, right now we believe and we with hear from our institutional a clients around the world there are looking at a lot of other super regional banks, and the way the super regionals are performing versus the s&p, charles, is just mind-blowing. you've never seen it outside of a financial crisis. we're talking, look i -- like, 40-50% underperformance versus the...
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Mar 9, 2024
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it appears the federal reserve has primarilto the fdic concerning the proposal.could you shed light on the federal reserve's rule concerning long-term debt proposal and have you oposals in her plague with the endgame? >> i think we are one of the proposers of the rule just like the other agencies are. right now, we are looking at the comments. that comm has closed. we are very much in reading those comments. >> fair to say, thank you. i'm concerned that long-term debt proposals, lack of tailoring contradicts the requirements of the economic growth, regulatory relief, and consumer instead of principles, this proposal creates category financial institutions identically for the purposes of erm. additionally, the proposal burdens category 2, 3,. the parent holding company and bank load, which actually could be reversed tailoring, considering are only required issued at the parent company rationale behind this requirement when such a mandate is not imposed on banks and do you believe that this represents a tailored approach as required by the statute? >> is one of the
it appears the federal reserve has primarilto the fdic concerning the proposal.could you shed light on the federal reserve's rule concerning long-term debt proposal and have you oposals in her plague with the endgame? >> i think we are one of the proposers of the rule just like the other agencies are. right now, we are looking at the comments. that comm has closed. we are very much in reading those comments. >> fair to say, thank you. i'm concerned that long-term debt proposals,...
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Mar 7, 2024
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it appears the fdic concerning the proposal.ng long-term debt provi input regarding the proposals in her plague with the endgame? >> i think we are one of the ju are. right now, we are looking at the comments. that comment. has closed. we are very much in reading those comments. >> fair to say, thank you. i'm concerned that long-term debt proposals, lack of tailoring contradicts the requirements of the economic growth, regulatory relief consumer protection act. instead of principles, this proposal creates category financial institutions identically for the purposes of burdens category 2, 3,. the pant holdg any and bank load, which actually could be reversed tailoring, considering are only required level. what is the underlying rationale behind this requirement when such a mandate is not imposed on banks and do you believe that this quired by >> is one of the questions we will be asking ourselves as part of a review in comments. >> thank you. it is my understanding that category 4 for not including the advanced notice of proposed
it appears the fdic concerning the proposal.ng long-term debt provi input regarding the proposals in her plague with the endgame? >> i think we are one of the ju are. right now, we are looking at the comments. that comment. has closed. we are very much in reading those comments. >> fair to say, thank you. i'm concerned that long-term debt proposals, lack of tailoring contradicts the requirements of the economic growth, regulatory relief consumer protection act. instead of...
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Mar 14, 2024
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under the law, the fdic is required to accept the highest bid that reduces losses as much as possible. you will have to consult with him. >> i guess the worry is, i'm very worried about the future bank system in our country. small, medium and large banks. i also want to help the sector below the -- and my concern here is we did not care enough about concentration and how that transaction manifested itself. and the simple question is, is that because you didn't have tools to analyze that transaction with concerns about concentration? or is it because you have tools and just didn't use them? >> let me first say, i share your concern. i believe it's important to have a diverse banking system. i believe there were a number of bid by different banks for svb and for first republic. and, as i said, i believe the fdic is required to accept the bids it results in the small -- smallest losses. >> the gentleman from georgia is recognized. >> thank you, it has been 14 years since the passage of the affordable care act. yet, 10 states, including georgia have not fully expanded medicaid. let me be
under the law, the fdic is required to accept the highest bid that reduces losses as much as possible. you will have to consult with him. >> i guess the worry is, i'm very worried about the future bank system in our country. small, medium and large banks. i also want to help the sector below the -- and my concern here is we did not care enough about concentration and how that transaction manifested itself. and the simple question is, is that because you didn't have tools to analyze that...
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Mar 23, 2024
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of them was the banking act, that of 1933, which created the federal deposit insurance corporation, fdicnd and then another act that w passed as a result of this was the to the securities exchange act of 1934, which which regulated the trade of securities on the stock market. any american who has over retirement account that includes stocks has been affected by the legacy of those laws passed in the aftermath of this investigation. so o there was a surprise japanese attack on the us military base in pearl harbor, hawaii, and ■there was thousands of people who died and many ships and planes that were destroyed. in the aftermath of the attack, americans wanted to know why america was so unprepared for this attack. so after the war ended, congress decided to investigate. it created a joint committee, which means members of both the house and the senate and that committee looked into what happened before pearl harbor and why. why we were so unprepared and why the consequences of that attack were so devastating. so i wanted to point out this item right here, this machine is called purple. and
of them was the banking act, that of 1933, which created the federal deposit insurance corporation, fdicnd and then another act that w passed as a result of this was the to the securities exchange act of 1934, which which regulated the trade of securities on the stock market. any american who has over retirement account that includes stocks has been affected by the legacy of those laws passed in the aftermath of this investigation. so o there was a surprise japanese attack on the us military...
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last fall, the fdic levied a $16 billion fee spread among the biggest banks that covered the depletionthe deposit insurance fund after it was used to protect uninsured depositors of svb and signature. that fee was bumped up to $20 billion. the numbers are raising questions if uninsured depositors should have been required to take hair cuts on the deposits and if deposit insurance reform should be back on the table. this, of course, comes amid the price $1 billion infusion from the group of private investors into new york community bancorp yesterday. the deal of the terms which were finalized as shares were in free fall seemed to have stabilized the stock for now. shares up 3.2%. prior to the deal announcement, nycb stock was pricing in a high likelihood of failure. the company is hosting a conference call in two and a half hours to discuss the equity raise and the change of leadership which is board seat for steven mnucin and a seat for joseph otting. we will tune in at 8:00 a.m. and we will bring you the high highlights. >> we heard fed chair jay powell say the real estate sector is m
last fall, the fdic levied a $16 billion fee spread among the biggest banks that covered the depletionthe deposit insurance fund after it was used to protect uninsured depositors of svb and signature. that fee was bumped up to $20 billion. the numbers are raising questions if uninsured depositors should have been required to take hair cuts on the deposits and if deposit insurance reform should be back on the table. this, of course, comes amid the price $1 billion infusion from the group of...
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their deposits are fdic insured. >> anton, they don't have the same issues as svb.has outsized exposure. we will show a chart to new york apartments exposure. is that a big deal or little deal? a 2019 law created some of this, but rent control doesn't change. we are showing the audience and i don't know if you can see it. is there a big deal or little deal? >> it is a big deal. they are, clearly from your chart and knowledge, this is the largest player in the industry. also, they bank the best borrowers in history. they are not bottom feeders. they lend to the billionaire families that own these things. they have staying power. >> you addressed contagion. nycb is the last one to report. the others did not have similar issues. i want to ask about nycb. downgraded by fitch and moody's. there was a delay in filing the 10k. the colleagues had mixed opinions about this delayed 10k. is this delay a big deal or little deal or good they are delaying because they have a plan to fix the problems? >> i think they putting a plan in place. t there are many things they can do. fi
their deposits are fdic insured. >> anton, they don't have the same issues as svb.has outsized exposure. we will show a chart to new york apartments exposure. is that a big deal or little deal? a 2019 law created some of this, but rent control doesn't change. we are showing the audience and i don't know if you can see it. is there a big deal or little deal? >> it is a big deal. they are, clearly from your chart and knowledge, this is the largest player in the industry. also, they...
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Mar 7, 2024
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., fdic issued climate guidance as you kw institutions. just curious did congress somewhere along the line give the fed authority over climate policy as well? is that another one of those things somebody took on? i realize you are not the dictator, only the chairman of the fed. i would be interested as the chairman your views. chair powell: our assignment is the safety and soundness of banks. they understand and can manage the risks tha assignment. we said in climate world we would do two and only two things. one was to do an illustrative stress scenario -- not stress scenarios, scenarios, climat--a. the large banks who are subject -- they are already doing it. they are doing business internationally and don't have a choice. we said we wld do that. we also said we would offer guidance on -- not on level of climate risk or anything like that. just on what had you to do to be in a position to assess. for my thinking that's what we are doing. we are not doing -- there are no new initiatives. we are not our capital requirements to reflect clim
., fdic issued climate guidance as you kw institutions. just curious did congress somewhere along the line give the fed authority over climate policy as well? is that another one of those things somebody took on? i realize you are not the dictator, only the chairman of the fed. i would be interested as the chairman your views. chair powell: our assignment is the safety and soundness of banks. they understand and can manage the risks tha assignment. we said in climate world we would do two and...
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we had in that from the fdic yesterday, credit card balances are going on and on.ous issues here around the consumer as well. >> and that the's because -- that's because their real wages aren't, having been keeping pace with the real cost of buying things. now, the numbers have gotten better in the last few months, but people are still underwater compared to where they were three years ago. i found out almost come kohl that joe biden is talking about -- comical that joe biden is talking about shrinkflation. you know what, maria? that's just another sign of inflation. i mean, if you buy a bag of chips and there used to be 25 in there and now there's 18 in there, it's just another way for these companies to confront the inflation that they're facing. so that makes -- means the real inflation's higher an the reported inflation it's like if you go into a restaurant and they used to give you four chicken wings and now they only give you three, that just means you're paying more and you're getting less. maria: yeah x. this has become a really good with opportunity for jo
we had in that from the fdic yesterday, credit card balances are going on and on.ous issues here around the consumer as well. >> and that the's because -- that's because their real wages aren't, having been keeping pace with the real cost of buying things. now, the numbers have gotten better in the last few months, but people are still underwater compared to where they were three years ago. i found out almost come kohl that joe biden is talking about -- comical that joe biden is talking...
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the cre space in the new york area, a company called new mark, apparently, acting on behest of the fdics the one that found these buyers, but what in the world were they thinking, sending this portfolio to nycb? >> i think it was a momentary, let's get this deal done. >> and let's not do a big bank because we're under a lot of political pressure not to reward the large banks? >> we already did one with jpmorgan. let's give it to small. this was a bank, by the way, that was always viewed as being a lender that was aggressive, so it did not -- anyone who's involved with this should have known the quality of how these -- the bookkeeping, by the way, the charges from 2008, pre-2008. >> almost come up on the anniversary of the demise of silicon valley bank, though, it does, of course, raise recollections of that. the question here is, will deposits start to flee or not? now, previously, when they first acknowledged that there were some issues with the loan portfolio, and taking higher losses than they had anticipated originally, the deposits didn't really flee. >> no. >> so, most of the comp
the cre space in the new york area, a company called new mark, apparently, acting on behest of the fdics the one that found these buyers, but what in the world were they thinking, sending this portfolio to nycb? >> i think it was a momentary, let's get this deal done. >> and let's not do a big bank because we're under a lot of political pressure not to reward the large banks? >> we already did one with jpmorgan. let's give it to small. this was a bank, by the way, that was...
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Mar 12, 2024
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dollars in -- not him personally, but with a consortium in investors, and, frankly, is he no dummy, fdic, treasury and the fed knows this bank has to survive so that future trouble in the banking system doesn't come home to roost on the fed's balance sheet. what i mean by that is they can't let mergers like what new york community bank did a year ago go under, and they can't let white knights come in and get blown out, which is what they can't let steve mnuchin happen. there's an ephemeral aspect on top of the rationalization but, folks, it's speculative. >> highs of the day there. does it bother you at all that that stock, as i see it now, let's call it $3.50, looks, to me, to be below where it was when the news hit that mr. mnuchin and co. were coming in doing what they did and what that might suggest about the fundamentals of this business moving forward? the stock obviously got a huge lift the moment that news broke, and it was a handful of days ago. we were all sort of transfixed by what was happening there. how would you address that? >> of course this is something that somebody ha
dollars in -- not him personally, but with a consortium in investors, and, frankly, is he no dummy, fdic, treasury and the fed knows this bank has to survive so that future trouble in the banking system doesn't come home to roost on the fed's balance sheet. what i mean by that is they can't let mergers like what new york community bank did a year ago go under, and they can't let white knights come in and get blown out, which is what they can't let steve mnuchin happen. there's an ephemeral...
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there's been a fair amount of time spent on basel three but among the agencies here including the fed, fdic and the number of pending or final rules is frankly just staggering. regulators finalized rules for community reinvestment act, the fed is also looking at what would unintentionally undermine recent significant progress in bringing low and moderate income consumers into the mainstream banking system. just yesterday the cfpb unveiled a rule that would cap late fees for banks and i walked out of a meeting with my credit unions who are concerned about those things that may be in their future as well. i think it's critical we do not look at any of these rules in a vacuum and we need to consider the total impact and full scope on that so i will ask a question i've asked other regulators, how much do u.s. the fed personally consult with other agencies on their own rulemaking agenda. chr. powell: i don't leave that area of our business but i know there's a lot of talking, a coordination i'm not sure there's coordination. >> we're in government there's always a lot of talking. let me ask you
there's been a fair amount of time spent on basel three but among the agencies here including the fed, fdic and the number of pending or final rules is frankly just staggering. regulators finalized rules for community reinvestment act, the fed is also looking at what would unintentionally undermine recent significant progress in bringing low and moderate income consumers into the mainstream banking system. just yesterday the cfpb unveiled a rule that would cap late fees for banks and i walked...
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maria: in fact, doug, yesterday the fdic said that late credit card payments are the highest since 2011some serious cracks under what president biden is saying is the envy of the world on the u.s. economy. >> yeah, look, maria, i think one of the interesting things, we talked about how bad the political speech was. the economic part was probably the most does en disingenuous, t tone deaf. i said it's tone deaf. i said here's what you don't look at. gas prices% 40% higher than when president biden came in, credit card debt, not only is it the highest level in years, almost record levels but credit card defaults, auto loan defaults are high. they see it when they go to pump gas, when they buy groceries, see it in their everyday life. for him to not even make out it a mention, we're trying and we could do better. he didn't say that. we're doing great. everything is better. you're too ignorant to know that my economy is what you need. it lays an opening for republicans, especially for donald trump to go back to issues of immigration and the economy that are mattering the people in the proce
maria: in fact, doug, yesterday the fdic said that late credit card payments are the highest since 2011some serious cracks under what president biden is saying is the envy of the world on the u.s. economy. >> yeah, look, maria, i think one of the interesting things, we talked about how bad the political speech was. the economic part was probably the most does en disingenuous, t tone deaf. i said it's tone deaf. i said here's what you don't look at. gas prices% 40% higher than when...
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Mar 6, 2024
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., occ and fdic expressing my strong concern about the lack of progress you have made in updating your bank merger review procedures. this is critical now that we just learned of another mega-merger involving capital one and discover which would create the sixth largest u.s. commercial bank with a major role in the credit card market. before too long, expert have raised alarm there is a rubber-stamping process of bank mergers where virtually all applications are approved, all the while, unbridled market consolidation poses great risk to consumers and entrepreneurs. what is the status of your updates to the merger review process? and does the fed plan to convene public hearings on the capital one and discover merger? >> so i do, i believe we're in regular contact with the justice department on what's going on with their review of merger practices. we're looking at that and considering. i think on the potential merger with -- that you mentioned, we haven't received an application. so there's really not much to say yet. when we do get that application though, we're going to evaluate that
., occ and fdic expressing my strong concern about the lack of progress you have made in updating your bank merger review procedures. this is critical now that we just learned of another mega-merger involving capital one and discover which would create the sixth largest u.s. commercial bank with a major role in the credit card market. before too long, expert have raised alarm there is a rubber-stamping process of bank mergers where virtually all applications are approved, all the while,...
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Mar 28, 2024
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you bring a dollar, they might lend 10% on hand and fdic insurance a certain amount. they had contracts that said they wouldn't do that. so no they don't get any points for that. taylor: for for your insight. this was a big day. we were waiting for the sentencing. i think a lot of people in the crypto space had moved forward but this is certainly a moment in time. jackie: sets an example for other people out there, this is budding industry and relatively new. sean: political contributions did not save the day. justice was served. thanks for letting me with you. taylor: happy easter. money with charles payne starting you right now. charles: i'm charles payne, this is "making money." s&p headed for the best quarter since 2019? is it getting too giddy. all the bears are now bulls. what will happen with the fed? they seemed to have pivoted themselves so many times they are boxed into a corner. meanwhile wall street legend stephen ought with us he called the stock market, called the stock market ahead of everyone else. it is getting a little lonely. everyone is too bullish
you bring a dollar, they might lend 10% on hand and fdic insurance a certain amount. they had contracts that said they wouldn't do that. so no they don't get any points for that. taylor: for for your insight. this was a big day. we were waiting for the sentencing. i think a lot of people in the crypto space had moved forward but this is certainly a moment in time. jackie: sets an example for other people out there, this is budding industry and relatively new. sean: political contributions did...
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charles: the fdic quarterly banking profile came out this week. i went through it.n, listen, this is a few things. you had a bump and a problem, i think 6 is banks. not -- 16 banks. one thing that was standing out to me was the change in quarterly credit loss revisions. it's a little bitty thing, but should we be worried? >> so, look, i think that credit has been so good for so long that it has to normalize higher. but a couple things were happening in the fourth quarter. remember, that's seasonally awesome for card growth, right? if and the more you have, the more you may provide for future this is losses even though those losses are not there yet. charles: right. >> and, you know, you obviously have a lot of cleanup that usually happens in the fourth quarter, and there were actual commercial real estate losses being cleaned up in the fourth quarter. for all the infoe we were getting from the banks, small to enormous -- charles: so we've got the chart up right now. you're not worried about that small, little -- i mean, it's small compared to some of the larger spik
charles: the fdic quarterly banking profile came out this week. i went through it.n, listen, this is a few things. you had a bump and a problem, i think 6 is banks. not -- 16 banks. one thing that was standing out to me was the change in quarterly credit loss revisions. it's a little bitty thing, but should we be worried? >> so, look, i think that credit has been so good for so long that it has to normalize higher. but a couple things were happening in the fourth quarter. remember, that's...
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is a misunderstanding about that when you're buying alternates and it's a deal that's blessed by the fdic. >> we all did, yeah, we actually upgraded the stock to outperform that night. we thought at $6, given the stock and given the capital relief, this was a great deal. we thought while the company had earnings challenges they were working through, diversification moved in the right direction. the phase-in period didn't happen. we didn't see this. we stepped away from the stock in december. we certainly didn't see the speed at which this happened. >> chris, it's karen, thanks for being on today. you have a buy on the stock. how do you model this? what are you hoping they achieve? what kind of metrics are you looking for here? >> we were buy rated last year. we stepped away in september. what we're going through, karen, we're trying to figure out with the dilution that happened today, what is the normalized return on equity. the stock closed at 50% of pro forma tangible look. the market is thinking an roe in the 5 to 6% range is about right. we're talking to investors a lot about this rem
is a misunderstanding about that when you're buying alternates and it's a deal that's blessed by the fdic. >> we all did, yeah, we actually upgraded the stock to outperform that night. we thought at $6, given the stock and given the capital relief, this was a great deal. we thought while the company had earnings challenges they were working through, diversification moved in the right direction. the phase-in period didn't happen. we didn't see this. we stepped away from the stock in...
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Mar 5, 2024
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the the fdic pulled back and is limiting the amount of money thatend. and so many banks, many of our developed others have projects on the books but could not get construction they could get construction loans, they were getting them at interest rates that were so high, 10 to 15% that it just they struggle to pencil it out. and if you're getting loans at that height, you're not going to build starter homes, inexpensive homes, by the way. median home price in utah now is apchu have to make $170,000 to to buy a median home in utah right now, 75% of utahns could, if they didn't own a home, now could not afford to own a home right now. that's unsustainable. so so here's what we did, and i'll try to get through this reallyuickly. this is the idea that just came out that i don't think anybody else is doing. i need a lot of money. right. and so we have treasures fund our public treasures. we call the pta fund. this is where do you invest all of the money in in your state until it gets savings account for your your state, your municipalities may participate in
the the fdic pulled back and is limiting the amount of money thatend. and so many banks, many of our developed others have projects on the books but could not get construction they could get construction loans, they were getting them at interest rates that were so high, 10 to 15% that it just they struggle to pencil it out. and if you're getting loans at that height, you're not going to build starter homes, inexpensive homes, by the way. median home price in utah now is apchu have to make...
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Mar 12, 2024
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fdic operation chokepoint from the state of new york and nra case currently pending before the supremeurt or the fbi and treasury recent revelations from the subcommittee. eaidents show the government can and will weaponize the financial marketplace against americans for political benefit. several factors exacerbate this risk. has expansive authority on day-to-day operation and decisions. shrouded incy to impartes banks control over 50% of the market for deposit accounts. this only elevates the need to ensure viewpoint neutry provision of financial services. congress should take action for this is an issue we should all agree on and deserves our her utmost attention. we cannot continue to law enforcement, regulars and banks too big to fail run roughshod over our first amendment freedoms. i welcome your questions.thank you. you are recognized for five minutes. >> good morning chairman jordan, ranking membery to testify at today's hearing. i'm vice president director for cato center for monetary and financial alternatives. the views i expressed today in this testimony our mind that she s
fdic operation chokepoint from the state of new york and nra case currently pending before the supremeurt or the fbi and treasury recent revelations from the subcommittee. eaidents show the government can and will weaponize the financial marketplace against americans for political benefit. several factors exacerbate this risk. has expansive authority on day-to-day operation and decisions. shrouded incy to impartes banks control over 50% of the market for deposit accounts. this only elevates the...
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Mar 6, 2024
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the issue of mergers last week i led a letter along with 15 democrats to you as well as doj, fcc and fdicing my concern about the lack of progress you have made in updating your bank merger review procedures this is critical now we just learned of another mega merger involving capital one and discover, which would create the sixth largest u.s. commercial bank with a major role in the credit card market before too long experts have raised alarm there's a rubber stamping process of bank mergers where virtually all applications are approved all the while unbridled market poses great risk to consumers and entrepreneurs. what is the status of your updates to the merger review process and does the fed plan to convene public hearings on the capital one and discover merger? >> i believe we're in regular contact with the justice department on what's going on with their review of merger practices. we are -- we're looking at that. and considering. i have think on the potential merger with -- that you mentioned, we haven't received an application so there's not much to say yet. it's early days. when
the issue of mergers last week i led a letter along with 15 democrats to you as well as doj, fcc and fdicing my concern about the lack of progress you have made in updating your bank merger review procedures this is critical now we just learned of another mega merger involving capital one and discover, which would create the sixth largest u.s. commercial bank with a major role in the credit card market before too long experts have raised alarm there's a rubber stamping process of bank mergers...
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Mar 1, 2024
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chris: nycb is unique in terms of having crossed over $100 billion with an fdic transaction , not preparedo do stress testing this year. that is idiosyncratic. the rest of the industry is all over this. the issue -- silicon valley bank issue was about security is underwater and deposits out of whack because they had large picture capital deposits. those deposits are gone. the industry is in much better position from any uninsured deposit standpoint. nycb has excellent deposit flows the past month. deposits have been stable, the company is going to make money this quarter. it is unfortunately have to make these board changes now. it is going to be for the long run much better to do this housecleaning today. jonathan: outside of nycb, isn't the market coming your way? jp morgan closing at an all-time high. monthly gains on the s&p 500 last month. the regional banks, lower through february but nothing drastic a given the single lamp. is the market coming our way? chris: i think so and he will see the tangible keeps growing for companies. we will probably see markets go up again on higher rate
chris: nycb is unique in terms of having crossed over $100 billion with an fdic transaction , not preparedo do stress testing this year. that is idiosyncratic. the rest of the industry is all over this. the issue -- silicon valley bank issue was about security is underwater and deposits out of whack because they had large picture capital deposits. those deposits are gone. the industry is in much better position from any uninsured deposit standpoint. nycb has excellent deposit flows the past...
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Mar 17, 2024
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and of the classified documents, the fdic's.cted 173 interviews of 147 witnesses, correct? >> that is correct. >> president biden, himself, was one of those witnesses, correct? >> for at least five hours or more. >> correct. >> president biden engaged in this interview voluntarily. >> correct. >> the interview with president biden lasted more than five hours? that is correct? >> correct. >> in the interview, it occurred the day, which all should know after the horrific according to a letter from the white house counsel. is that correct? >> the interview spans two days. with the president having to be in and out to deal international crisis, and after the interview, he provided answers to additional questions, correct? and out during our interview to handle the internet. >> let me go ■lxá president biden allowed investigators to search his private houses. is that correct? >> 7 million documents for review in your investigation. is that correct? >> this included emails, text messages, photos videos, toll records, and other materia
and of the classified documents, the fdic's.cted 173 interviews of 147 witnesses, correct? >> that is correct. >> president biden, himself, was one of those witnesses, correct? >> for at least five hours or more. >> correct. >> president biden engaged in this interview voluntarily. >> correct. >> the interview with president biden lasted more than five hours? that is correct? >> correct. >> in the interview, it occurred the day, which all...