Treasury Secretary Janet Yellen said the government will remain vigilant and take additional steps as needed to support the banking system.... ( read more )
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As the global economy continues to suffer the consequences of the COVID-19 pandemic, concerns are growing over the potential for more bank failures in the near future. Economists and financial experts are warning that the ongoing economic disruption could push some of the world's most vulnerable banks over the edge, risking a new wave of bank failures that could further amplify the economic shockwaves already being felt. Many countries have already experienced significant banking disruptions due to the pandemic. For example, in the United States, the Federal Deposit Insurance Corporation (FDIC) closed 5 banks in 2020, up from just one
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