FDIC Refills Fund from Imposed Fees on Big Banks
With the latest bank collapses (e.g. SVB, First Republic), the FDIC (Federal Deposit Insurance Corp) plans to refill its Deposit Fund by imposing special fees on big banks. Fees will be charged based upon the size of their balance sheets and number of depositors. While smaller banks with less than $10bn in assets are exempt. [via Grit Capital]
TD’s Scraps Horizon Acquisition
TD Bank’s proposed acquisition of american lender, First Horizon, which would have made the Canadian bank the sixth largest lender in America, was scrapped. Big opposition to the deal was from US Senator Elizabeth Warren, who cited sources believing the Canadian bank was involved in “shady” consumer practices.
Regional US Banks Can’t Wait for 2023 To Be Over
This has not been the year for regional US banks. After the collapse of SVB and First Republic, now California-based PacWest bank is in a precarious position now too amid low-confidence in regional banks.
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