- ORIGINAL NEWS
‘Consumers should not worry’ after turbulent month for New York Community Bank, former FDIC chair says
- SUMMARY
A New York bank has experienced some financial difficulties, leading to customers withdrawing their money.
However, experts assure that most consumers’ deposits are secure due to FDIC coverage of up to $250,000.
Despite recent bank failures, the FDIC has been actively monitoring banks to prevent similar issues.
While some fragile institutions exist, the majority of regional banks are considered stable.
Small businesses should exercise caution and consider the financial stability of their banks to protect their cash flow and operations.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“New York Community Bank has lost 7% of deposits over a turbulent month as customers pulled their money from the regional commercial bank.”
“A new capital infusion of over $1 billion takes the NYCB off the “watch list” for another potential bank failure, according to Sheila Bair, former chair of the Federal Deposit Insurance Corporation from 2006 to 2011.”
Negative
“But most consumers should not worry their money will be affected, says former FDIC chair Sheila Bair.”
“”Consumers should not worry about this,” said Bair, who is also a member of the CNBC Global Financial Wellness Council and author of the “Money Tales” children’s book series.”