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'Consumers should not worry' after turbulent month for New York Community Bank, former FDIC chair says - TL;DR CNBC

'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 ratespersonal savingsheila bairpersonal financenew york community bancorp incpersonal debtu.s. economycommercial and office real estate brokersconsumer financeconsumer bankingpersonal incomepersonal investingbusiness newsrecessions and depressions

Source: https://www.cnbc.com/2024/03/07/consumers-should-not-worry-amid-nycb-woes-former-fdic-chair-says.html


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