Banking

First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. San Francisco-based First Republic was undone by low-rate mortgages it made to its wealthy customers as well as by the fallout from last month's banking crisis.

The Secure and Fair Enforcement (SAFE) Banking Act of 2023, introduced in both the House and Senate would allow regulated banks to work with state-legal cannabis companies.

The decrease in long-term interest rates this year has helped banks' bond portfolios recover a bit. Some of them may consider restructuring their securities portfolios in the short run, and longer-term changes are also possible as the fallout from last month's crisis continues.

Jean-Yves Fillion, CEO of BNP Paribas USA, talks with Chip Barnett about how the bank leverages its commitment to tennis to help the communities it serves and expand environment goals that help the planet. Taped live at the BNP Paribas 2023 Open in Indian Wells California. (11 minutes)

"Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security," said Gov. Ron DeSantis.

Navigating challenges and what's ahead in banking regulation.

Even more uncertainty has been introduced into the municipal bond market as the Federal Reserve may have to tweak its monetary policy plans as the situation unfolds.

Shares in Silicon Valley Bank's parent company plunged 60% after executives announced they would sell a large bond portfolio at a big loss. The market "seems to be pricing in greater liquidity needs" than the bank currently anticipates, one analyst said.

While some sectors have fared better than others, those requiring construction struggle as costs rise.

Significantly fewer households expected to be in worse shape in the coming year than was the case last summer, according to a December survey. The results are a positive sign for banks at the start of earnings season.