US regulators set deadline for failing bank bids – media ...News

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US regulators set deadline for failing bank bids – media
source : Russia Today ( News ) () 51
Authorities are trying to secure the sale of struggling First Republic Bank before a government takeover The Federal Deposit Insurance Corporation (FDIC), a principal federal regulator of US banks, has set a deadline of Sunday for bids to buy struggling First Republic Bank, several media outlets reported on Saturday, citing sources. Earlier this week, the FDIC asked a number of institutions, including the country’s largest bank JPMorgan Chase, to submit bids for the failing bank in an effort to secure a buyer before it enters receivership. As receiver, the FDIC would temporarily manage the bank’s affairs until its

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