New York-based Signature Bank, with $110.36 billion in assets, has become the third largest bank failure in US history, following the recent collapse of Silicon Valley Bank, but depositors of both banks will be made whole and no losses will be borne by the taxpayer.
HSBC has agreed to acquire the UK arm of Silicon Valley Bank for a nominal fee of £1, following the collapse of the bank due to its specialization in lending to technology companies.
The Federal Deposit Insurance Corp. (FDIC) and Federal Reserve are discussing creating a fund to backstop deposits if more banks fail following the collapse of Silicon Valley Bank.
Home Depot co-founder Bernie Marcus discussed the devastating collapse of Silicon Valley Bank, urging Americans to "wake up" and understand that the U.S. economy is in "tough times."
Members of the House Freedom Caucus on Friday outlined the conditions necessary to attain their vote for a raise on the national debt limit, including setting a cap on discretionary spending for 10 years, stopping President Joe Biden's student loan forgiveness plan, and pulling back the $80 billion approved late last year to expand the Internal Revenue Service.
An audit has revealed that over 42,000 federal employees have repeatedly failed to file their taxes, owing $1.5 billion in unpaid taxes, with the IRS having little ability to punish them.
Visa, Mastercard, and Discover have delayed the implementation of a new merchant category code aimed at tracking firearm sales due to legislative proposals and criticism.
