'Consumers should not worry' after turbulent month for New York Community Bank, former FDIC chair says
Publishing timestamp: 2024-03-07 12:35:30
Summary
Former FDIC chair Sheila Bair reassures consumers that their deposits are safe despite NYCB losing 7% of deposits over a turbulent month. A new capital infusion of over $1 billion has taken NYCB off the "watch list" for potential bank failure. Bair emphasizes that FDIC deposit insurance coverage generally covers up to $250,000 per depositor per bank. Consumers are advised to make sure they are below uninsured deposit limits and can use tools provided by FDIC to test their coverage. Bair and other experts warn of potential bank failures amid recession risks and urge small businesses to be cautious about the stress levels of their banks.
Sentiment: NEUTRAL
Tickers: NYCB,
Keywords: interest rates, personal saving, sheila bair, personal finance, new york community bancorp inc, personal debt, u.s. economy, commercial and office real estate brokers, consumer finance, consumer banking, personal income, personal investing, business news, recessions and depressions,