U.S. regulators have announced plans for new banking rules to mitigate against future failures, as they move to prevent a repeat of the rapid banking collapses seen earlier this year.
A bank run on the midsized Californian lender Silicon Valley Bank (SVB) in March over interest-rate concerns quickly spiraled into one of the most acute banking crises in years.
It caused the collapse of a number of regional banks and the merger under pressure of Swiss banking giant Credit Suisse with regional rival UBS.
In response, the U.S. Federal Reserve's vice chair for supervision, Michael Barr, announced a review into the collapse of SVB and other banks, which concluded that both regulators and the bank's management had made mistakes.
Register to read the full article.
Already have an account? Sign In.
Register for free for:
- Access to ten free articles per month
- Our weekly roundup of top stories
- Monthly newsletters on topics of your choice
Subscribe for:
- Unlimited article access each month
- Crosswords and puzzles on Canadian holidays
- Full newsletter access
