Episode 79: What Happens When a Bank Fails?

Last year featured some of the largest bank failures in U.S. history. In this episode of Making Cents of Money, Chicago City Comptroller (and former Illinois Director of Banking) Chasse Rehwinkel joins us to break down what went wrong, how regulators respond, and why most consumers should not be worried about ever losing the money in their bank accounts. Show Notes: FDIC & California Regulator Reports • FDIC Releases Report Detailing Supervision of the Former First Republic Bank, San Francisco, California: https://www.fdic.gov/news/press-releases/2023/pr23073.html • Review of DFPI's Oversight and Regulation of Silicon Valley Bank: https://dfpi.ca.gov/wp-content/uploads/sites/337/2023/05/Review-of-DFPIs-Oversight-and-Regulation-of-Silicon-Valley-Bank.pdf Financial Institution Insurance: • FDIC: https://www.fdic.gov/ • NCUA: https://ncua.gov/ Recorded Webinar: • Your Financial Tool Chest: https://youtu.be/XdUgsotxCqE?feature=shared (part of the Get Savvy: Grow Your Green Stuff Series) Books: • Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves by Andrew Ross Sorkin (Book and Movie) • The Continental affair: The rise and fall of the Continental Illinois Bank by James P. McCollom (Book) Previous Podcasts with Chasse: • Episode 2: Banked or Unbanked - Choosing Financial Services for You https://soundcloud.com/idfpr/making-cents-of-money-episode-2?si=81bc1ead8b4b425db9b2c6bfd9b7f4e0&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing • Episode 14: Short-selling https://soundcloud.com/idfpr/episode-14-short-selling?si=fd95e90d0de64fb2a1743ec92a8c7cd3&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing • Episode 47: Community Reinvestment Act https://soundcloud.com/idfpr/episode-47-the-community-reinvestment-act?si=0b0b179278a74e0982f396809780aa1c&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing