Steve Mnuchin is betting regulators don’t want NYCB to become another SVB > News Clips

Steve Mnuchin is betting regulators don’t want NYCB to become another SVB

Former Treasury Secretary Steve Mnuchin is making a big bet that regulators don’t want NYCB to become the next SVB.

He and an investor group completed their $1 billion deal to inject new capital into troubled lender New York Community Bancorp (NYCB) just days before the one-year anniversary of the government seizure of California lender Silicon Valley Bank (SVB). That March 10 failure in 2023 triggered widespread panic in the banking system.

Mnuchin apparently tried to make certain this was OK with regulators. He told CNBC he had "extensive" conversations with the Federal Reserve and the Office of the Comptroller of the Currency, and they supported the injection.



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https://www.yahoo.com/finance/news/steve-mnuchin-is-betting-regulators-dont-want-nycb-to-become-another-svb-140042464.html

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