In the latest trading session, U.S. Bancorp (USB) closed at $36.22, marking a +1.86% move from the previous day.
Banks are worried they’re losing ground to tech companies eager to gain market share in consumer payments. One of traditional finance’s biggest threats is Apple. Here’s how banks are fighting back. Illustration: Xingpei Shen
Members of the Senate Banking Committee gathered on Capitol Hill Tuesday to discuss the failures of Silicon Valley Bank and Signature Bank as well as the response of federal regulators. Top officials from the Federal Deposit Insurance Corporation, the Treasury and the Federal Reserve gave testimony defending their response to the two banks' collapse. In an interview with Yahoo Finance's Julie Hyman and Brad Smith, Senator Tina Smith (D-MN) said though the banking system is sound, the failure of SVB and Signature bank is cause for grave concern, noting that additional stress tests for regional banks, more rigid bank supervision and higher capital requirements will be needed to prevent risky bank investments from impacting the financial system to this extent. "I am not one who believes we should have a one size fits all approach... However, the collapse of Silicon Valley Bank shows us that even if you're not designated as systemically significant, you still can have a very powerful impact on the overall stability of the financial system," said Sen. Smith. Key video moments: 00:00:42 Sen. Smith's reaction to the actions taken by federal regulators 00:02:30 Sen. Smith on Congress rolling back bank regulations in 2008 00:05:44 Sen. Smith on bank exposure to crypto Watch our full conversation with Sen. Tina Smith (D-MN) here.