U.S. officials are studying ways they might temporarily expand FDIC coverage to all deposits, a move sought by a coalition of banks arguing that it’s needed to head off a potential financial crisis.
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USDA to Spend $197M to Prepare for Wildfires Brought On by Climate Change
Federal officials announced $197 million in grants to help more than 100 communities and tribes across the nation become more resilient to wildfire.
SVB-Fueled Turmoil Debunks Lessons of the Global Financial Crisis
The turmoil touched off by the collapse of Silicon Valley Bank has demolished much of what the Federal Reserve, political leaders and investors thought they had learned from the global financial crisis of 2007-09.
Biden Vetoes GOP-led Bill to Reverse ESG Investing Rule
President Biden issued his first veto, rejecting a bill that would have nixed a Department of Labor rule that gives room for retirement plan managers to consider ESG factors in their investment decisions.
Louisiana Lawmakers Approve $42M to Bring in 8 Insurance Firms to the State
Louisiana lawmakers approved $42 million in incentive payments to give a boost to the state’s struggling property insurance market.
EPIC Announces New Insurance Capital Solutions Group Under its Financial Services Division
EPIC Insurance Brokers & Consultants announced today the expansion of its Financial Services division with the creation of its newly formed Insurance Capital Solutions (ICS) group.
Inflation May Be Easing, But Claims Severity Pressures in P&C Are Likely to Remain: Swiss Re
According to the Swiss Re Institute, headline inflation is estimated to decline but stay elevated in 2023, to some extent alleviating upward pressure on claims compared to 2022. However, cost inflation in certain prices, such as labour and healthcare, may remain high.
U.S. Investors Sue Credit Suisse for ‘Downplaying’ Impact of Losses
US shareholders are suing Credit Suisse for giving false and misleading public statements and downplaying the impact of its losses.
Outbreak Linked to Eye Drops Leaves 68 Infected, 8 Blind: CDC
An outbreak linked to eye drops has infected 68 people in Florida and in 16 other states, according to the latest update from the CDC.
Warren Buffett Talks Banking Crisis with Biden Team
Warren Buffett has been in touch with senior officials in President Joe Biden’s administration in recent days as the regional banking crisis unfolds.