the fdic is looking to work with the occ and federal reserve defined -- later this year. the fdic remains committed to engaging with the public, industry stakeholders and members of congress -- apologies. on the issues outlined in my testimony could i look forward to answering your questions. >> the gentleman, gentlelady yields back, and now the chair recognizes dr. gibson for his oral remarks. >> chairman barr, ranking member foster and members of the subcommittee, thank you for the opportunity to discuss the federal reserves supervisory work related to the financial risks of climate change. the federal reserves responsibilities with respect to climate change are important but narrow spirited responsibilities are tightly linked to our responsibilities for bank supervision and financial stability. because climate change could pose challenges for the financial system, it is important we better understand these risks. our primary focus is to evaluate whether banks operate in a safe and sound manner and manage all material risks including climate-related financial risks befo

fdic, the fed, the treasury department, did they do the right thing? oh, i don't think they had any choice at that point. i actually i was on when i worked at w ross. we rescued probably 15 different banks. and after the crisis and i was on a couple of the bank boards in the us actually virgin money in the uk and it was a failure of the regulators and we had too many regulators and you know, the fed, the fdic, you know cc state regulators in, you know, sometimes they get in the way of each other. but i think it was very much governance failure. i cannot imagine that the boards of those two institutions and actually know the chairman of the signature bank pretty well i can't imagine that when the fed and is mainly silicon valley started to say that there were problems, that they didn't do anything about it, that that was a big failure on their part, but it got to the point that it there was no other choice. and, you know, that happened in oh eight. you know fannie and freddie and it happened with a lot of banks in 0809 or ten and 1010 2010. you know i'm

only an actual bank itself is fdic insured. >> reporter: it all feels a little sudden even if it still feels like the old twitter. >> to me it seems like desperation like the last gasp of a company that is struggling to find itself and its purpose and in this current landscape. >> that is rough. i have to ask you. do we say we're x'ing rather than tweeting? what are we supposed to say? >> i think we'll figure it out in the next few days. after all, i know a lot of people on facebook and instagram. i know people who work there. i've never heard outside of this newsroom anyone ever use the term meta. it is going to be a long time before people start calling this x or calling tweeting x'ing. i think we are still tweeting for a while. >> musk has a fascination with the letter x. he has some companies, x.com but also spacex. his kid is named x or that is what they call him. how much is this going, are people going to accept this? what is the fascination with the x? >> i don't know but x.com which became paypal and was part of the roots of musk's fortune he has said since the beginning of bu

more long-term debt at svp would've reduced the cost of the fdic resolution. all these factors would have reduce the risk of contagion to other banks. the comprehensive set of proposals i have described here today would significantly strengthen our financial system and repair it for emerging in unanticipated risks such as those that manifested themselves in the banking system earlier this year. the holistic review began well before then and the steps proposed here address shortcomings in capital standards did not begin until march of 2023. in an obvious way, the failure of svb and other banks were warning signs that banks need to be more resilient and need more of what is the foundation of that resilience which is capital. some industry representatives claimed that in a cottage -- that inadequate capital had nothing to do the bank failures. i disagree. it was an unsuccessful attempt to raise capital they called -- because uninsured depositors to see how the bank was capitalized. some represent have claimed their problems were related to poor management and sho

and because they're not banks, they're not fdic ensured. only an actual bank itself is fdic ensured. >> reporter: it feels a little sudden, even if it feels like the old twitter. >> to me, it seems like desperation. the last gasp of a company that's struggling to find itself and its purpose in the current landscape. >> reporter: scott budman, nbc, bay area news. >>> we mentioned the problems with the sign. the physical rebranding didn't go smooth today. a construction crew started to take down the sign and logo. but police, sfpd, shut down the project. twitter did not have a permit to block one lane of market street. the twit is gone. e and r remain. >>> santa clara is getting ready for taylor and all of her swiftys. a traffic advisory with important event details will be issued this wednesday, 48 hours before the first show. the megastar is coming to levi stadium for her wildly popular eras tour. her show has been sold out for months. sky ranger over the field that is being laid with flooring. if you're heading to levi, head to nbcbayarea.

i think community banks are treated fairly by the fdic.untry, what do you say to them? >> i say they're absolutely wrong. community banks are needed to make small business loans in the community. it's the local community banker that knows the small business in town, can look past the financial information and provide access to capital for their local communities. that's what a community bank does. charles: and and doing it very well. i just checked out your report. congratulations. >> thank you, charles. charles: all right, folks, coming up, what are the chances neither trump nor desantis get the nomination? greg y'allier here on who -- valliere on who might be the dark horse. >>> we'll be right back. ♪ it ain't me, it ain't me, i ain't no fortunate one. ♪ it ain't me, it ain't me. ♪ [ applause ] the day you get your clearchoice dental implants changes your struggle with missing teeth forever. it changes how you eat, how you feel, and how you enjoy life. it changes your smile and how others smile at you. clearchoice network doctors have ch

only an actual bank itself is fdic insured. >> musk has owned x.com for years. in fact, pay pahl was called x.com before it was rebranded. as for the twitter rebranding it was twitter worthy itself not just for the name change. the actual taking down of the iconic bird sign got off to a rocky start at san francisco headquarters this afternoon. nbc bay area's velena jones explains why construction crews were not able to finish the job. what happened? >> reporter: jessica, the word quickly spread on the social media site formerly known as twitter that the sign was being taken down. a lot of people came out here to check that out. but that work quickly stopped, leaving just two letters behind, an "e" and an "r." some people jokingly say that stands for error, which is how they're feeling tonight. twitter transition confusion is leaving long time users on the social media platform scratching their heads. outside the headquarters in san francisco. >> no one wants "x" on anything that they use. i don't know what the thought process is. this is probably the dumbest thi

during the weekend of march 9 did you express any views to fdic chairman rutenberg, any member fdic board of directors come in the fdic's staff or officials and administration regarding the class of banks that should or should not be considered as a viable buyer silicon valley question bank barely particularly the most efficient way to contain any follett is to ensure there is continuity the bank merger act specifically talks about financial stability. it was important. brexit you express an opinion that a larger wall street too big to fail banks should not be in the class of institutions that would be eligible to purchase the bank? oxen think we would have taken any potential buyer. we did not receive a bid because i appreciate your answer. and i ask because ftc commission you submitted a comment to d.o.j. and bank mergers criticizing those it occurred to the 2008 financial crisis quote policymakers competitive -- orchestrating several more maga mergers conveyor banks". we also note use procedural gains december 2021 to try to force a bank merger process review during the justice silicon

my understanding is the fdic kept regional banks from even bidding on first republic. madam secretary, deeply that will situated small, medium, in regional bank should have the same opportunity to bid on failing banks as their larger peers do? >> i believe that there should be a process with multiple bidders, it's up to the fdic to run that process. i know there were multiple bidders in the case of first republic. >> my understanding is that the regional and medium sized banks were left out and not allowed, many weren't allowed to bid that were interested. did you know about that? >> i'm not sure that's the case. i believe there are multiple bidders and they were not all large banks. >> no one was excluded if they want to, that's your understanding? they weren't told i'm sorry, you can't bid? >> i can't give you every detail of what the fdic did in this case, but i do know there were multiple bidders, and that included some smaller banks, certainly regional banks. the fdic is required to accept the lowest cost bid, and it did that. >> thank you, i've just heard a lot o

this is something the fed, the occ, and fdic have voted on today, and it will significantly increase,, because that apply to services and lending that american families and businesses rely upon wasn't that 20% increase which could be understating the actual impact of the largest institutions, comes at a time when the industry has never been better capitalized, and that is been established by stress test, you -- real-life stress test, as well as the fed-run stress tests over the years. there is no justification for large increases in capital for these institutions right now. we think that policymakers are going to have to take a hard look at this proposal to examine costs. we have seen the banking system perform very, very well over time. matt: they have, but having these banks -- if i'm not mistaken, you represent the 8 biggest banks. they have been huge recipients of deposit flows after the collapse of svb and others. they have done very well, as we have seen in the most recent earnings reports. kevin: they have done very well because they are the strong institutions. they are instit

look at the agility with which the fed, the fdic backed by treasury active after silicon valley bank and signature bank failed. it was a weekend we have a new facility open. we have banks that were caught up in a spillovers getting the liquidity theye needed. that is a rapidity that is obvious for the question is how do we bring that same sense of casualness i would call this agility how do we bring that to your everyday work so we things as well and as studiously and carefully as we are you stupid and we can still move actually threw them so we do not end up with a finding that is too deliberative. i will conclude with a lesson and i want to use a specific example but the lessons can be broader than the specific example. i already mentioned were always fighting the last war if you think about the financial stability report you think about all the things we do after the financial crisis we are very -- we have lots of study going out with vulnerabilities and things. but we also have to really haven't ie get what is going on around the corner. an example is a difference between uninsur

the parent company of silicon valley bank is suing the fdic. they want to recover the nearly $2 billion the regulators seized while the took over silicon valley bank in march. they said inability to access the funds was affecting his reorganization because that money should be generating more than $100 million in annual interest. yesterday, the san francisco federal reserve bank president mary daly gave her first remark since the collapse of silicon valley bank saying it failed because regulators were far too slow to take action. >>> in a moderated discussion hosted by the brookings institution in washington, d.c., mary daly said quote there is a slowness between when things are spotted and when enforcement actions or other things are taken. we can raise this and by week, i mean the system, not me. i don't play an active role in supervision but raise issues and have deliberations. >>> per month some politicians have tried to blame someone or a group for the fall of silicon valley bank. she had not described her view on whether the san francisco

. >>> the parent company of silicon valley bank is suing the fdic, seeking to recover $1.93 billion when the government took over in march. the silicon valley bank financial group says their inability to access the funds is affecting the reorganization, because that money should be generating more than $1 million in interest. yesterday the san francisco federal reserve bank president said silicon valley bank fail because regulators were far too slow to take action. >>> state lawmakers are pushing to allow speed cameras in six california cities. if passed, the bill would place restrictions on where and how these cameras can be used . these restrictions were added to address concerns over privacy . the senate judiciary committee is discussing the bill today. it already passed the assembly. at the same time, san francisco police ar searching for the driver in a hit and run. this happened on van ness avenue in the mission district on saturday. police have revealed and released details but say the victim was a man. >>> nine alameda county supervisors are expected to give approval to a plan th

that is partly because of the swift and decisive action the fed and the board of governors with the fdic and treasury helped and the backstop facility that we have, the btlp, the bank term lending facility . it is really hard to do it when you are on stage. if i was in the office, i would be rattling off these words. mr. wessel: there should be a regulation. no acronyms without vowels. ms. daly: that would be helpful. you're doing this on the weekend so it is hard to come up with a name. mr. wessel: that is what gpt is for. ms. daly: you have the swift action, which is calming the stress is quite considerably. now it is understanding banks are getting their balance sheets in order, responding to the fact that investors and consumers have a of site into balance sheets at their institutions and managing through that. our job and my job as a policymaker is to understand that can still have an impact on the economy and be watchful for that as we do the hard job of trying to get to the last part of our rate hiking cycle. mr. wessel: the other was bond yields have gone up. that means the banks

in the june monetary policy report federal reserve, together with the treasury department and the fdic took decisive action in march to protect the u.s. economy and to strengthen public confidence in our banking system, the reason bank failures including the failure of silicon valley bank and the resulting bank stress have highlighted the importance of ensuring that we have the appropriate roles and supervisory practices for banks of this size, we are committed to addressing these vulnerabilities to make for a stronger and more resilient banking system. to conclude, we understand that our actions affect communities families and businesses across the country everything we do is in service to our public mission we have the fed will do everything we can to achieve our maximum unemployment and price stability goals. thank you. >> think you, chair powell. paul donovan uv us as discuss the role that corporate profiteering plays in inflation while inflation has risen from 9%, as you know, prices continue climb because of supply shortages in corporate profiteering what we are starting to see g

that includes the fed, the fdic and the office of the comptroller of the currency.re is a lot of red tape ahead . an initial plan could be released as soon as this month. actual changes would not likely take effect for months, if not years, depending on the details in that public comment phase. stay tuned. haidi: let's get a check of how asian markets are setting up. annabelle: we are approaching earnings season. wall street lenders kicking us off friday. the biggest week is about a fortnight away for us. this is the big theme that is starting to dominate. the expectation that earnings are really going to have to surprise to the upside in order to extend the rally. you can see here that is the proportion of analysts that are raising their earnings forecasts versus ones lowering it. now in negative territory, which tells us most analysts expect the s&p 500 to go lower. investors starting to brace for further declines here in markets. that is when we are trying to look at as we approach earnings season. let's take a look at futures this morning. a couple hours away fr

the fdic chair says the others have enough capital already to meet the proposed mandates.ks complained that they don't have enough cushion, it is not going to go over with regulators. west that is vonnie quinn giving us the latest on this big banking story today. let's look at meta now. they sought early success for threads. the tool racked up more than 100 million sign-ups in days. analysts that it could generate about $8 billion in annual revenue. the cfo told us more about their long-term vision for the platform. >> it isn't readily early in his lifecycle. this is not something we expect we will monetize in the near term. we know will be launched new consumer experiences that there is a playbook around all of the product foundation work that needs to be done around core features that users will ask for, being responsive to things that users are looking for in the product, scaling it over time to a much larger user base, focusing on driving increased engagement and retention. those are all things we are going to need to do in advance of thinking about monetization. it is

in order to be a full public bank and basically accept deposits, become a depository bank we need fdic approval. >> that's correct. >> and the mfc will be able to some level of participatory lending has been described will help boost up and hopefully streamline and consolidate some of the lending, some of which the city already does. could be additional lending through the mfc, but a part of the mfc is also to be in a position where at the end of that projected three years, we have proof of concept, proof that this entity can operate without a loss, infact earning a "profit" and all of that will be helpful and part of the basis for establishing fdic approval. i want to make sure i'm conceptually getting that right but if there is anything you want to add so we make sure everyone has a understanding why this two phase process and how a mfc might fit into the formation of public bank. >> absolutely. the mfc is term of art. the way to think, it is something like a green bank. you heard green banks across the country. this is something like it. we are not calling a green bank though. the m

haslinda: former fdic chair sheila bair talking about markets. india stockmarkets on a roll.ndex has hit fresh record highs on friday. strong or inflows are key reasons for the surge. let's discuss this and more with anand radhakrishnan, cio of equity india at franklin templeton. we are talking about a booming market. does it have legs? anand: as the market touches new highs people liken the situation to the previous highs when it happened in october 2021, but, clearly, the earnings have moved on. we are probably 15-20% have an earnings than when it was 1.5 year back. when market was at peak, we believe the valuations are at speak and corporate earnings have reached a new high every quarter. that seemed to support -- the markets are having good legs. another reason to believe that the markets are well supported is the breadth of earnings. the earnings are coming across multiple specters, sectors which span both consumption trends as well as -- that is another reason we remain quite optimistic on the markets. we have haslinda: we have seen foreign investors come and go. can in

get up to 4.40% apy, pay no account fees, and up to $2m in fdic insurance.oad the sofi app and earn up to $250 when you set up direct deposit. sofi get your money right. my cpa told me i wouldn't qualify for the erc tax refund, so i called innovation refunds. their team of independent tax attorneys will work with your cpa to determine if your company is eligible. [whip sound] take the first step to see if your small business qualifies. >>> welcome back yel yellow, the oldest trucking company in america, is shutting down it is halting operations according to the letter to the employees. it has been pursuing a cost cutting plan to manage the debt load yellow has been stalled by a standoff with the teamsters union. a failure would put 30,000 jobs and 22,000 teamsters at risk shares of yellow have been in free-fall mode and trade at 77 cents a share. it is important for the u.s. supply chain this could mark the biggest trucking collapse, but the impact to the supply chain will be mixed many will still search for capacity which should be a tailwind for rates whic

silicon valley bank sued the fdic in the bid to recover the $1.9 billion the regulator kept since takingting a violation of u.s. bankruptcy law >>> we are getting ready for the week ahead fed speech from michael barr and mary daly and loretta mester amazon kicks off the prime day tomorrow which runs through wednesday. on wednesday, key inflation data and june cpi and earnings season begins with reports from delta and pepsi and jpmorgan chase and citigroup and wells fargo on friday we have the start of evenings seaesand analysts are expecting companies to report a third consecutive decline in earnings with profits expected to drop from the same period a year earlier. marking the steepest pullback from 2020. when the pandemic resulted in the 32% profit decline let's talk about the trading week ahead with simeon. >> thanks for having me. >> we have to talk about the third quarter decline. what does that mean for the market overall especially with tech and high value names being the driving force this year? >> we will very likely stable multiples. it is all about earnings long end of the cur

discover has received a proposed consent order from the fdic connection with consumer compliance anddeck at amazon whole foods. shoppers will now be able to pay with their palms at all food stores by the end of the year. users connect to store credit card and simply pay by waving their hand over the kiosk. technology is available in 200 stores, amazon says there's growing demand for the technology, 3 million users. you may not have heard of can view but it's products line lines your medicine cabinet shelves. brands like tylenol, band-aid, listerine plummeting to a record low since it went public after majority shareholder johnson & johnson made a major announcement. we will tell you what that announcement was. the ceo is here to talk about it and tell us what happened and look at the future of this company which has amazing brands many people use. i just dropped a brand new episode of my podcast, the focuses on how a near-death experience, look on your screen can trigger a profound shift in life. jen drummond was in that car, utah mom of 7 driving on a highway when she lost control a

the fdic will be voting on that this morning. this afternoon the fed will do so. >> we also have the surprise decision to make the renumeration for reserves to 0% and get paid nothing for it. for the rest of the ecb conference, the ecb president christine lagarde said that officials have an open mind on their next move. here's more of what she said during the news conference. >> our future decisions will ensure that the key ecb interest rates will be set at sufficiently restrictive levels for as long as necessary to achieve a timely return of inflation of 2% medium-term target. dani: for more, let's go to frankfurt. maria, i think my favorite part is when christine was asked if she will hike or pause. she said a decisive maybe. what do you make of what happens in september? maria: it is a maybe. the burden of proof, she repeated that a number of times, will be on the data. she is a lawyer by training. overall, this meeting, 25 basis point hike, as expected, but what mattered was the press conference.it brought about interesting c

the moment disclosing a credit card mis misclassification and reserved a separate notice from the fdicconsumer compliance matter pausing its buyback program during an internal review a lot of misstep there's down 16% let's talk about equifax worst day, reporting mixed results. slashing a slowdown in u.s. hiring and weaker mortgage markets. executives say they expect trends to continue in the months ahead. good news. dow down almost 9%. >> thank you. >>> weighing in on our twitter question last chance. whichlagging sector of the market is about to have a big time catch-up trade. that's on twitter. results, after there. bak burger and fries... soup and salad. like your workplace benefits and retirement savings. with voya, considering all your financial choices together can help you make smarter decisions. voya. well planned. well invested. well protected. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a t

that's why the fdic had to resolve that so, that has settled down. the deposit surge out of banks, leaving the banks, has settled down but what we haven't yet seen, as i say while consumers reduce their exposure to rising interest rates, the whole financial system dramatically increased that exposure. we're just beginning to see some of that exposure hit in a real tightening of credit conditions. and i think, therefore, i just want to say, we still think, while we thought it would take longer to see a recession, we still think there's a recession on the horizon probably later this year and maybe in '24 so will i think -- oh, by the way, on inflation, there are some positive signs with supply chain and imports, et cetera so i do think the fed will pause i believe probably after the july meeting but i think they're going to stay on pause for a while until they see how inflation settles out over a period of time. >> just explain more about what you're expecting for the financial system, because it sounds like you do not think the aftershocks of svb and

taking aim at big technology though refraining from holding mark zuckerberg in contempt of congress fdic along with the fed putting big banks under the microscope again. begin however with the sort of bad week for big tech in d.c. with emily wilkins emily? >> reporter: good afternoon. lawmakers are escalating war on big tech today with a proposed agency meant to rein in 34e9 meta, amazon google and other major tech corporation senates elizabeth warn er and lindsey graham overseeing tech companies. regulatory group reviewing possible mergers and limiting ads. the bill is full of "unpopular ideas and consumers don't want to ban going's maps or break up amazon prime whether under new commission or a current agency." one bright spot, though, for big tech chair jim jordan canceled the vote holding mark zuckerberg in contempt of congress republicans currently investigating whether the white house pressured meta to remove several facebook posts jordan initially accused him of withholding information from the committee. additional documents seemingly satisfied the chairman's concerns at least fo

in level of service they provide but also to have acquired in place of a bank gets in trouble the fdican find a buyer or someone to take on the business and to take over the uninsured depositors which are then reduces the potential for panic. matt: what do you think of the number of banks? i think we have well over 4000 banks in this country. it's great to have regional lenders to understand the community in which they operate it on the other hand, difficult to regulate that many institutions. should we see a consolidation? betsy: i make you an easy banker at heart. i was for most of my career and i really believe in the importance of community banks. but there are probably of that 4000 there are 3800, 39 hundred of them that are very small and serving local communities. you have variation in size but you got probably less than 100 that are significant size. matt: what should we expect for earnings season as we look ahead at the big bass getting ready to report? you see goldman sachs trying to guide analysts down. how do you view that? betsy: the big banks, i think their earning calls

talking about first citizens even after this highly accretive acquisition of silicon valley bank out of fdiceivership, there's still only a handful of sell side analysts that cover the stock, which is somewhat unusual for a top 25 u.s. bank what we like about the company, its low cost deposit franchise, history of prudent lending and the geographic concentration it has, in the southeast where the population is growing faster one other nuance we really like, too, is first citizens has a pretty unusual core competency if you look at the performance of this bank since ceo frank holding took over some 15 years ago, they've compound tangible book value per share at nearly three times the base as the average top 25 bank. i put that record up against anybody in the industry, including jpmorgan, who we have a tremendous amount of respect for. so, with the shares trading at tangible book value and single digit multiple earnings, despite the appreciation in stock price so far year to date, we think it was aworthy addition to the portfolio. and one of the few banks that's had a knack of adding value du

get up to 4.40% apy, and up to $2m in fdic insurance. sofi get your money right. bell."tocks taking a breather to begin the week our next guest sees major breakouts occurring beneath the surface of the market that make him bullish into year end. let's get to chris verrone thanks for being here. >> great to be here. >> we were chatting, the nasdaq, the story of the year, but elsewhere there's been a little nuanced change of character in some asset classes what has your eye? >> i think what began as a subtle hint of leadership change a couple of weeks ago is, frankly, becoming more overt here there's a paradox to the fact that when we printed 3% cpi on july 12th, if you look at the best sector since then, it's been energy, resources, copper in china related stuff i think there's this very subtle change becoming more overt here. you see it with crude above 200 in a year. particularly with the energy service names breaking out and i think most importantly over the last several days, all these copper stocks everywhere in the world are making new highs. there's a message that

fdic cap, what a nightmare. fourth, drug stocks. the federal government is negotiating prices for medicare and i.r.a. they're trying to block mergers and there is an election year where big pharma tends to become a public enemy, like a pinata. what a nightmare again. black mirror. fifth. the bomb market equivalents. that means the staples. pepsico. also, the utilities. there are definitely have-nots. the dividends just aren't big enough to protect you. finally, six are the retailers. calls, target, macy's, enter at your own risk. back-to-school season, students have to pay back their loans, how do you like that? you have to pay back your loan, what a crummy feeling. brick-and-mortar bought by amazon. retail, funeral invitations, anyone? i know this is preposterous. there are exceptions, as i mentioned, pepsico. i think costco will do well, so will walmart. really, the market is about as clear as i have ever seen it. the funniest thing or the oddest thing, everything you ever hear about the economy whether it be the fed, inflation, h

. >>> the fdic is warning u.s. not to take liberties with deposit numbers following the reckoning. according to "the wall street journal," 47 states restated their figures by a total of $198 billion. >>> wheat prices coming off recent highs earlier this week prices climbed to their highest level mid-february this morning, they're down 1.5%. >>> earnings are said to be a key driver as markets continue to grind out gains sending the dow on its longest daily win streak in six years and forcing mike wilson to throw in the towel. a new note, the chief u.s. equity strategist saying he stood by that negative view for just too long simply saying, quote, we were wrong his forecast for the s&p 500 remains at 3900, still well below what the current index stands at 4560 joining me now is victoria greene at g squared private wealth, also a cnbc contributor. victoria, good morning >> good morning. >> so what do you think? mike wilson backing off some of his bearish sentiment. targets where they are at, do you believe we'll see s

and that's partly because of the decisive action and that the fed and the board of governors and the fdicy and the backstop facility we have the bank term lending facility. it's really hard to do it when you're on stage. ift i was in my office i be rattling off those words. >> there are no acronyms without vowels. >> that would be really helpful. if you dond it on the weekend is hard to come up with a name. >> is what gpc is for. >> you have the swift action so now it's about getting your balance sheets in order and responding to the fact that investors and consumers have insight into the balance sheet of their cetacean and managing through that and their job and my jobob as a policyholders to understand he still have a schedule and be watchful for that as we do the hard job of trying to get to the last part of our rate hike. >> the other part of the question is yields haven gone u. >> that just recently happened so i try to hold myself not a word for a months worth of employment data so we welcome back to that. >> i want to -- there are the economic profession has a problem with diversit

this is a bank that bought silicon valley bank in an fdic auction for $500 million and reported a $9.8 billion gain in their first quarter. i'll be very focused on that company. other smaller regional banks will be reporting as well. all be, again, watching unrealized losses on securities portfolio and credit. commercial realize is particularly office buildings is an area of concern. i was encouraged though a couple of the companies i own webster, and capital one were able to unload loans back by office buildings without incurring much of a los. that was encouraging but certainly office exposure will be something worth watching, particularly for small regional banks focused for example in san francisco. liz: yeah, fcnc had a great year to date and it's recovered up about 78% and capital one came out with numbers and that stock is doing pretty well today and up half a percent if that's what you want to look at 24% year to date. >> capital one is a great company and run by richard fair bank one of the cofounders in 1994 when it came public and it's been profitable every year. tangible bo

obviously the big banks are going to have to pay more, particularly if they have to shore up the fdic'sguy: absolutely. i think we are going to need to digest this over the next hour or so, because there's a lot to unpack here. mike, let me start with you. run me through the headlines. >> this is a result of three things coming together. michael barr initiated his own review of bank supervision and regulation. then we have the silicon valley bank failures and the other problems that they had in march, so they initiated a review there. and also the international bank standard-setting group has come out with regulations that need to be implemented across the world, and so all of these are folding together into what barr is proposing. we got a big layout of what they are planning to do. basically, they want to standardize credit risk management. they will use standard risk modeling instead of relying on the banks to tell congress what their own business is. they are going to standardize operational risk management as well. and these new rules will apply to banks with over $100 million in a

get up to 4.40% apy, pay no account fees, and up to $2m in fdic insurance. download the sofi app and earn up to $250 when you set up direct deposit. sofi get your money right. >>> welcome back to "fast money. sofi topping the tape today, soaring to its highest level in more than a year raising full-year revenue guidance thanks to surging deposits and demand for personal loans. the ceo laying out a path to profitability for the company's financial service segment. >> so, the lending business on a contribution profit basis has been very profitable the technology business also pretty profitable but we made a big investment in the last five years in building out the number of checking, savings accounts and acquiring them, as well as credit card and invest >> how does this translate to the other stocks in the space, dan? >> really interesting, and the dynamics around the student loan repayment, everything, it's giving them a wind in their sales. i think anthony has been really surgical in how they've built the business away from that core so kudos to them p paypa

the fdic actually laid it out in the report and they have a hybrid proposal that i think is excellenti would say that should be the first step not raising capital ratios because that's going to have a whole dynamic on the bank/nonbank - >> did you hear our conversation with mary daly >> i did >> was she right there wasn't a big supervisory failure on the part of the federal reserve and the san francisco fed specifically >> i believe that there are multiple contributing items when something like that goes bad and what happened was circumstances that hadn't happened before that would have been opportunities for many participants inside the bank to be able to make changes. and at the end of the day. the depositors got more nervous about the mark to market on the bond than anybody else did and so i think that's ultimately what led -- what led to the pressure at the bank then what we learned - >> that's a nonanswer. >> well, what we also learned is they had $13 billion of deposits in their top ten relationships, which is staggering and a number i never would have guessed so, coming off of