First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. San Francisco-based First Republic was undone by low-rate mortgages it made to its wealthy customers as well as by the fallout from last month's banking crisis.
First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. San Francisco-based First Republic was undone by low-rate mortgages it made to its wealthy customers as well as by the fallout from last month's banking crisis.
The 34-page document demands that the bank get regulatory nonobjection for every new fintech partnership and requires the bank to step up its monitoring of partners' compliance with banking laws.
A last-minute deal between the Federal Deposit Insurance Corp. and a large bank could ensure that the San Francisco company's uninsured depositors will be covered. That group includes 11 big banks that deposited $30 billion at First Republic last month.