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Financial institutions news from around the web: August 14 – 18, 2023

Written on Aug 18, 2023

Lawmakers blast FDIC’s ‘feeble response’ to deposit misreporting 
If left unchecked, the underreporting could lead to shortfalls to the Deposit Insurance Fund, which “could threaten the stability of the entire U.S. banking system,” warned Sen. Elizabeth Warren, D-MA, and Rep. Katie Porter, D-CA. 

Banks get a downgrade from Moody's. Here are the 10 lenders impacted 
Moody's is downgrading the credit ratings of 10 small- to mid-sized banks, citing growing financial risks and strains that could erode their profitability. The credit ratings agency also warned it is watching some of the nation's biggest lenders for potential downgrades. 

Italy treads fine line as it tries to introduce windfall bank tax 
Italy’s government is navigating a narrow path as it tries to impose a special tax on bank profits without spooking markets and discouraging foreign investments. 

Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reach 
The SEC announced charges against 11 firms for “widespread and longstanding failures” to maintain records, including by allowing employees to use unsupervised side channels such as messaging apps WhatsApp and Signal. 

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