Federal Reserve System
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| March 11 2024 |
2023 United States banking crisis
The Bank Term Funding Program ceased offering new loans.
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| January 2024 |
2023 United States banking crisis
The Federal Reserve raised the interest rate on new BTFP loans, with loans outstanding in the program totaling $161.5 billion.
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| 2023 | The Federal Reserve began facilitating instant payments through the new FedNow service, expanding its retail payment system capabilities. |
| 2023 | The Federal Reserve reported a net negative income of $114.3 billion, creating a deferred asset liability of $133.3 billion on its balance sheet. |
| June 2023 |
Too big to fail
UBS completed the acquisition of Credit Suisse, marking the first failure of a 'too big to fail' bank since the Global Financial Crisis. The acquisition was facilitated by the Swiss government to prevent Credit Suisse's collapse during the 2023 banking crisis.
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| May 2023 |
2023 United States banking crisis
FDIC proposed imposing higher fees on an estimated 113 of the largest banks to cover the costs of bailing out uninsured depositors.
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| May 4 2023 |
2023 United States banking crisis
PacWest's share trading was suspended after a 42% loss, with other US regional banks like First Horizon, Metropolitan Bank, and Western Alliance also being affected.
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| May 3 2023 |
2023 United States banking crisis
PacWest's share price fell sharply after announcing it was considering strategic options including a sale.
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| May 1 2023 |
2023 United States banking crisis
FDIC announced that First Republic Bank had been closed and sold to JPMorgan Chase.
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| April 2023 |
2023 United States banking crisis
First Republic Bank reported a dramatic drop of over $100 billion in deposits, causing its share price to fall by more than 20%.
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| April 29 2023 |
2023 United States banking crisis
FDIC prepared to take First Republic Bank into receivership and find a buyer as the bank continued to destabilize.
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| April 28 2023 |
2023 United States banking crisis
The bank announced plans to sell bonds and securities at a loss, begin layoffs, and saw multiple advisor teams leave. The FDIC considered seizing the bank, causing its stock price to plunge 43% to $3.50.
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| April 11 2023 |
2023 United States banking crisis
International Monetary Fund downgrades global GDP growth forecast from 2.9% to 2.8% due to ongoing financial sector uncertainty.
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| April 6 2023 |
2023 United States banking crisis
India's central bank pauses interest rate hikes, with governor Shaktikanta Das stating it's a 'pause not a pivot'.
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| March 2023 |
2023 United States banking crisis
First Republic Bank received a $30 billion capital infusion from a group of major banks in an attempt to stabilize its financial position.
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| March 2023 |
2023 United States banking crisis
The Federal Reserve began internal discussions about implementing stricter capital reserve and liquidity requirements for banks with assets between $100 billion and $250 billion.
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| March 27 2023 |
2023 United States banking crisis
SVB's branches officially reopened under the First Citizens brand, with all previous SVB depositors becoming depositors of First Citizens.
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| March 26 2023 |
2023 United States banking crisis
First Citizens BancShares acquired the commercial banking business of SVB, bringing in approximately $56.5 billion in deposits and $72 billion of loans (discounted by $16.5 billion). SVB's 17 branches reopened under the First Citizens brand the next day.
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| March 24 2023 |
2023 United States banking crisis
Cost to insure Deutsche Bank debt rises substantially, with 5-year CDS rising 70%. European Central Bank and other European central banks raise interest rates.
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| March 19 2023 |
2023 United States banking crisis
UBS Group AG acquires Credit Suisse in an emergency arrangement brokered by the Swiss government.
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| March 19 2023 |
2023 United States banking crisis
New York Community Bank (NYCB) agreed to purchase approximately $38.4 billion in Signature Bank's assets for $2.7 billion, with 40 branches rebranded to Flagstar Bank.
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| March 19 2023 |
2023 United States banking crisis
S&P Global downgraded First Republic Bank's credit rating three notches to junk status, citing substantial business, liquidity, funding, and profitability challenges.
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| March 17 2023 |
2023 United States banking crisis
President Joe Biden stated that the banking crisis had calmed down, though The New York Times reported ongoing economic concerns about potential recession risks.
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| March 16 2023 |
2023 United States banking crisis
Federal Reserve discount window liquidity facility reported approximately $150 billion in borrowing from various banks, indicating significant financial stress in the banking sector.
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| March 16 2023 |
2023 United States banking crisis
A rescue effort was launched with $30 billion in deposits from major U.S. banks and a $70 billion financing facility from JPMorgan Chase & Co, involving eleven of the largest U.S. banks under Jamie Dimon's direction.
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| March 15 2023 |
2023 United States banking crisis
Saudi National Bank announces it will not provide more support to Credit Suisse, causing the bank's share price to plunge 25%.
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| March 13 2023 |
2023 United States banking crisis
Shares of regional banks fell dramatically as depositors moved money from smaller to larger banks. U.S. President Joe Biden made a statement about the first three bank failures, asserting that the banking system was stable and government intervention was not a bailout.
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| March 13 2023 |
2023 United States banking crisis
First Republic Bank's shares fell by 62% under intense market scrutiny and pressure.
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| March 12 2023 |
2023 United States banking crisis
The Federal Reserve created the Bank Term Funding Program (BTFP), an emergency lending program to provide liquidity to financial institutions following the collapse of Silicon Valley Bank and other bank failures. The program offered loans of up to one year to eligible borrowers using securities as collateral, valued at par instead of open-market value.
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| March 12 2023 |
2023 United States banking crisis
Signature Bank, which frequently did business with cryptocurrency firms, was closed by regulators due to systemic risks.
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| March 10 2023 |
2023 United States banking crisis
Signature Bank experienced a multi-billion dollar bank run, with its stock declining by 23% - the largest single-day decline in its 22-year history.
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| March 10 2023 |
2023 United States banking crisis
Silicon Valley Bank experienced a bank run after attempting to raise capital, leading to its collapse and seizure by regulators.
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| March 8 2023 |
2023 United States banking crisis
Silvergate announced voluntary liquidation and committed to returning all deposited funds to their respective owners.
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| March 8 2023 |
2023 United States banking crisis
Silicon Valley Bank announced the sale of over US$21 billion in securities, borrowed US$15 billion, and planned to raise US$2.25 billion through an emergency stock sale to address liquidity challenges, triggering concerns among investors and customers.
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| March 1 2023 |
2023 United States banking crisis
Silvergate filed a regulatory notice indicating risks to its well-capitalized bank status and potential operational challenges.
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| 2022 |
2023 United States banking crisis
Federal Reserve officials, including vice chairman Michael Barr, began an ongoing review of regulations affecting regional banks, expressing increasing concern about potential risks to the financial system posed by the rapid growth of regional banks.
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| 2022 |
2023 United States banking crisis
Cryptocurrency bubble popped, impacting banks with market exposure to cryptocurrency and cryptocurrency-related firms.
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| 2022 |
2023 United States banking crisis
Signature Bank cut business ties with cryptocurrency exchange Binance to reduce risk exposure in the cryptocurrency market.
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| 2022 |
2023 United States banking crisis
Federal Reserve began raising interest rates in response to the 2021–2022 inflation surge, causing bond prices to decline and decreasing the market value of bank capital reserves.
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| 2022 |
2023 United States banking crisis
Coinbase and TrueUSD stablecoin were integrated with Signet payment network.
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| 2022 | Diane C. Swonk, chief economist and advisor to the Federal Reserve, Congressional Budget Office, and Council of Economic Advisers, provided a notable commentary comparing inflation to cancer, emphasizing the importance of addressing economic challenges proactively. |
| 2022 | The Federal Reserve initiated quantitative tightening (QT), beginning to sell assets and potentially taking losses in the secondary bond market. |
| December 2022 |
2023 United States banking crisis
The bank realized a loss of $718 million on withdrawal-related asset sales in the fourth fiscal quarter and borrowed $3.6 billion from the Federal Home Loan Bank of San Francisco to maintain liquidity.
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| November 2022 |
2023 United States banking crisis
Silvergate was hit with a bank run following the FTX bankruptcy, experiencing a 68% drop in deposits and facing withdrawal requests of up to $8 billion.
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| October 2022 |
2023 United States banking crisis
By the fourth quarter, 90% of Silvergate Bank's deposits were cryptocurrency-related, with over $1 billion tied to Sam Bankman-Fried.
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| 2021 | The Federal Reserve publicly explained the implementation of its monetary policy, detailing how changes in the federal funds rate target can influence overall financial conditions, including market interest rates, asset prices, and currency exchange rates. |
| March 31 2021 | The Primary Dealer Credit Facility (PDCF) ceased extending credit, marking the end of this overnight loan facility designed to support primary dealers and enhance financial market functioning. |
| 2020 | The Bureau of Engraving and Printing delivered 57.95 billion notes at an average cost of 7.4 cents per note during the Fiscal Year. |
| March 2020 | The Federal Reserve set the reserve ratio to zero for all banks, effectively eliminating the reserve requirement and marking a significant change in monetary policy tools. |
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