Fed calls SVB's failure a "textbook case of bank mismanagement"
FDIC Chairman Martin Gruenberg estimated about $20 billion would be needed to cover the collapse of Silicon Valley Bank.
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FDIC Chairman Martin Gruenberg estimated about $20 billion would be needed to cover the collapse of Silicon Valley Bank.
Credit card debt among Americans is nearing the trillion-dollar mark. And with the recent interest rate hike, Americans can look forward to higher interest rates. Tanya Rivero has the latest.
The U.S. central bank eases up its efforts to curb inflation amid concerns about banking industry risks.
The Federal Reserve is facing stinging criticism for missing what observers say were clear signs that Silicon Valley Bank was at high risk of collapsing into the second-largest bank failure in U.S. history.
After last week's collapse of Silicon Valley Bank, President Joe Biden urged calm and said there would be accountability. Meanwhile, account holders lined up at bank headquarters to withdraw their money after the federal government guaranteed deposits. Nicole D'Antonio and Devin Fehely reports. (3/13/23)
Rates are at their highest level in 15 years as policymakers try to tamp down inflation without torpedoing the economy.
Latest jump is the fourth supersized rate hike this year, as the central bank tries to subdue stubbornly high inflation.
Jill Schlesinger reports on the impacts of the latest interest rate hike by the Fed on consumers (9-22-2022)
Naomi Ruchim reports on effort by Feds to curb inflation by hiking interest rates (9-21-2022)
Borrowing costs rose to their highest level in 14 years, and more interest-rate hikes are likely, Fed signaled.
The Federal Reserve, as expected, announced it is raising interest rates by three-quarters of a percentage point to help tamp down inflation. CBS News' Tanya Rivero and Christina Ruffini get analysis of the economic and political impact from Ted Rossman, senior industry analyst at Bankrate.com; CBS News political correspondent Caitlin Huey-Burns; and Michelle Singletary, Washington Post personal finance columnist.
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
CBS News business analyst Jill Schlesinger talks about impact the Federal Reserve's .75% interest rate hike will have (6-16-2022)
The Federal Reserve made its most aggressive move yet to tamp down inflation Wednesday, by raising the interest rate by three-quarters of a percentage point.
The Federal Reserve made its most aggressive move yet to tamp down inflation Wednesday, by raising the interest rate by three-quarters of a percentage point. Andrea Nakano reports. (6/15/22)
For anyone used to the Bay Area housing market being white hot, the idea of a buyer's market is unfathomable. But with interest rates rising and more homes coming online, a cool-off might be underway.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
Skyler Henry reports on how the hike in a key interest rate will combat inflation (6-15-2022)
The Federal Reserve announced it is raising interest rates on Wednesday — a move to combat soaring inflation as the U.S. comes out of the pandemic and economic uncertainty in the wake of Russia's invasion of Ukraine.
So far this year, the federal government has spent more than $3.5 trillion on COVID-19 relief and that's before this latest stimulus package was approved. So where is all that money coming from? The answer is: our children.
The Federal Reserve is temporarily letting Wells Fargo out of the penalty box.
The Dow Jones Industrial Average surged to its best day since 1933 as Congress and the White House neared a deal on Tuesday to inject nearly $2 trillion of aid into an economy ravaged by the coronavirus.
The Federal Reserve took emergency action Sunday and slashed its benchmark interest rate by a full percentage point to nearly zero and announced it would purchase $700 billion in Treasury and mortgage-backed securities to encourage lending to try to offset the impact of the novel coronavirus outbreak.
The Federal Reserve Bank of San Francisco on Friday announced the appointment of Mary Daly, a longtime Fed economist and a labor market specialist, as the next president of the regional bank.
Hundreds gathered Friday night in Oakland for a tribute to coach John Beam and to celebrate his life. It was the first organized memorial for the coach since he was fatally shot on Nov. 13.
A housing controversy is brewing in San Francisco's Marina District, and even some pro-housing advocates are speaking out against a new development proposal.
Philanthropist Mackenzie Scott donated $50 million to Cal State East Bay, and the community is thrilled and grateful for the opportunities this funding will bring.
The Trump administration will start sending more water to California farmers in the state's crop-rich Central Valley.
A man convicted in the 2020 killing of a 19-year-old in San Francisco's Portola neighborhood will likely spend the rest of his life behind bars, prosecutors said.
Hundreds gathered Friday night in Oakland for a tribute to coach John Beam and to celebrate his life. It was the first organized memorial for the coach since he was fatally shot on Nov. 13.
A housing controversy is brewing in San Francisco's Marina District, and even some pro-housing advocates are speaking out against a new development proposal.
Philanthropist Mackenzie Scott donated $50 million to Cal State East Bay, and the community is thrilled and grateful for the opportunities this funding will bring.
The Trump administration will start sending more water to California farmers in the state's crop-rich Central Valley.
A man convicted in the 2020 killing of a 19-year-old in San Francisco's Portola neighborhood will likely spend the rest of his life behind bars, prosecutors said.
A housing controversy is brewing in San Francisco's Marina District, and even some pro-housing advocates are speaking out against a new development proposal.
A man convicted in the 2020 killing of a 19-year-old in San Francisco's Portola neighborhood will likely spend the rest of his life behind bars, prosecutors said.
San Francisco's newly appointed police chief, Derrick Lew, is taking office with an ambitious promise: "I truly believe we're entering a golden era in San Francisco."
A social worker was stabbed and severely injured Thursday inside Zuckerberg San Francisco General Hospital, authorities said.
An inmate at a San Francisco County Jail facility was taken to the hospital after being stabbed by another inmate Thursday afternoon, deputies said.
Hundreds gathered Friday night in Oakland for a tribute to coach John Beam and to celebrate his life. It was the first organized memorial for the coach since he was fatally shot on Nov. 13.
Philanthropist Mackenzie Scott donated $50 million to Cal State East Bay, and the community is thrilled and grateful for the opportunities this funding will bring.
Just a year after Alameda County District Attorney Pamela Price was recalled by nearly 63% of the voters, she's running again to get her job back.
The zoo has written a glowing love letter to the city of Oakland, in its new exhibit: The Future of Oakland.
About 1,500 teachers at the West Contra Costa Unified School District took to the picket lines on Thursday, striking over what they said were low pay and a lack of permanent staffing.
The mother of a newborn baby who was found dead in Monterey County in 1994 has pleaded guilty to her son's death, prosecutors said.
Officials in Monterey County have issued a warning to people foraging for wild mushrooms amid a rise in poisonings.
Kiara Manion opened Bloom with her husband during the COVID-19 pandemic, building a following around breakfast classics such as chicken and waffles. The restaurant has also become a go-to gathering place on San Francisco 49ers game days.
Santa Clara County District Attorney Jeff Rosen announced charges against the 17-year-old accused of shooting three people at San Jose's Westfield Valley Fair mall on Black Friday.
Two people were killed in a fiery multi-vehicle crash involving Teslas on Highway 87 in San Jose late Tuesday morning, authorities said.
Two people suspected of stealing nearly $100,000 in items from a construction site in Napa County were arrested following dual pursuits early Thursday, police said.
One of two people charged in the Santa Rosa killing of Mark Calgani, the general manger of San Francisco's Condor Club, has pleaded no contest in the case.
A California animal rights activist who took four chickens from a Perdue Farms poultry plant in Sonoma County was sentenced on Wednesday to 90 days in jail following her conviction in October.
Cal Fire said, around 3 p.m., crews were called to Bean Hollow State Beach near Pescadero for a report of a person in the water.
Marin County has passed some new regulations to prevent wildfires that will take effect on Jan. 1.
The 2026 Men's World Cup will be held across the United States, Canada and Mexico next summer.
California has hired Tosh Lupoi as the new head coach, bringing back the former Golden Bears player and assistant.
Rookie VJ Edgecombe and Tyrese Maxey each made huge plays in the final seconds as the Philadelphia 76ers beat the short-handed Golden State Warriors.
The Athletics are on track to open their new Las Vegas stadium on time, officials said Thursday.
Former Angels and Rangers manager Ron Washington is returning to the Bay Area to become infield coach for the San Francisco Giants on new manager Tony Vitello's staff.
A man convicted in the 2020 killing of a 19-year-old in San Francisco's Portola neighborhood will likely spend the rest of his life behind bars, prosecutors said.
A teenager who fired a gun during an after-school skirmish at Fairfield High School in September was already awaiting sentencing in a separate gun assault case at the time and will serve six months in detention for both cases, police said.
Two people suspected of stealing nearly $100,000 in items from a construction site in Napa County were arrested following dual pursuits early Thursday, police said.
The mother of a newborn baby who was found dead in Monterey County in 1994 has pleaded guilty to her son's death, prosecutors said.
One of two people charged in the Santa Rosa killing of Mark Calgani, the general manger of San Francisco's Condor Club, has pleaded no contest in the case.
European regulators said X breached transparency rules under the Digital Services Act, a sweeping EU law intended to protect internet users.
An alert sent to people across California warning about a strong earthquake striking Northern Nevada on Thursday morning was sent in error, officials said.
Bay Area technology giants were among the winners at the 76th Annual Technology and Engineering Emmy Awards in New York on Thursday.
Children and adolescents who own smartphones by age 12 have higher risks of depression, poor sleep and obesity, according to a new study.
AI is swiftly reshaping America's labor market, performing many technical and cognitive tasks across a range of industries, study says.
Officials in Monterey County have issued a warning to people foraging for wild mushrooms amid a rise in poisonings.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
Consumers with the imported pans should throw them away due to the severe health risks posed by lead, the agency warns.
ByHeart said it can't rule out that all of its baby formula across all product lots could be contaminated, citing recent test results.
In an interview with CBS News, FDA Commissioner Dr. Marty Makary explains what went into the decision to drop the most serious warnings on hormone therapy for menopause.
The Supreme Court said Friday it will decide the legality of President Trump's executive order that seeks to end birthright citizenship.
Just a year after Alameda County District Attorney Pamela Price was recalled by nearly 63% of the voters, she's running again to get her job back.
Texas approved a new congressional map this summer after Trump urged state GOP lawmakers to craft new House district lines to help Republicans hold onto their majority in the 2026 midterms.
Authorities say the FBI has arrested a man suspected of placing pipe bombs outside RNC and DNC headquarters on the eve of the Jan. 6, 2021, Capitol riot.
Derrick Lew, who was born and raised in San Francisco, has been with the department for more than 20 years, and in that time, he has served at the Ingleside, Bayview, Mission and Central stations, the mayor's office said.
A 16-year FBI employee has filed a lawsuit alleging he was fired last month because he had a Pride flag displayed near his desk.
A group of transgender members of the U.S. Air Force and Space Force forced to leave active duty under the Trump administration's policies say their benefits were revoked in a rare move.
California state Sen. Scott Wiener of San Francisco announced Wednesday that he is running for Nancy Pelosi's congressional seat next year.
Advocacy group The Trevor Projected released data from the first year of a study following more than 1,600 LGBTQ+ youth across the country.
A former Yosemite employee says they've been fired by the National Park Service, three months after flying a transgender pride flag from El Capitan.
Frank Gehry was known for designing the Guggenheim Museum Bilbao in Spain and the Walt Disney Concert Hall in Los Angeles.
Netflix on Friday said it will acquire Warner Bros., including its film and television studios, HBO Max and HBO.
Families along Thompson Avenue, also known as Christmas Tree Lane, have decked out their porches and front lawns in time for the holidays.
Cirque du Soleil's return brings more than spectacle to San Francisco; it continues to fuel the local economy. Nightly performances draw thousands into the 2,500-seat Big Top near Oracle Park, boosting foot traffic and business in the Mission Bay neighborhood.
Allison Keaney, the first female CEO of the Cow Palace, one of California's biggest rodeo venues, said ticket sales jumped 61% this year, and women's rodeo, once an afterthought, is now ropin' in fans fast.
Ever since the COVID-19 pandemic, the Oakland Unified School District has seen an alarming spike in the number of unhoused students in the school system who deal with a host of challenges far beyond what most children face.
Meteorologist and CBS News Bay Area's resident pilot Lt. Jessica Burch got a treat during Fleet Week, taking to the skies with one of the Blue Angels.
A Bay Area man discovered his devastating loss left him with a new opportunity to rethink how he lives -- follow his journey in virtual reality, 360-degree video.
A groundbreaking medical study involving the UCSF Medical Center has shown some colorectal cancer patients can safely skip radiation treatment and enjoy a potentially higher quality of life.
Every day, San Francisco bar pilot Captain Zach Kellerman goes through what might just be the world's most dangerous commute.
Hundreds gathered Friday night in Oakland for a tribute to coach John Beam and to celebrate his life. It was the first organized memorial for the coach since he was fatally shot on Nov. 13.
Laney College coach John Beam was killed in a shooting in Oakland in November.
After three years working in the tech industry, he’s packing up and heading back to Canada, choosing to leave the U.S. not because he has to, but because he feels he can no longer stay.
The $50 million donation to CSU East Bay in Hayward is the largest single donation in the school's history. Sooji Nam reports.
A plan to build a 25-story apartment complex at the site of the popular San Francisco Marina District Safeway is running into fierce opposition from local residents. Da Lin reports.
In 2025, KPIX is moving to a new community service award: the CBS News Bay Area Icon Award. Submit nominations for an outstanding community hero at kpix.com/icon.
It's the most wonderful time of the year for a South Bay woman who has played Mrs. Claus for more than 40 years for the children of North San Jose's Alviso District.
For residents of the Oakland Hills, the prospect of another wildfire always remains a concern. This week's Jefferson Awards winner has made it his mission to make the hills and other high-risk areas safer.
In East Palo Alto -- where state education numbers show more than nine in ten public school students are low income and more than half are English learners -- many are finding hope and connection at the Boys & Girls Clubs of the Peninsula.
This week's Jefferson Award winner is Army veteran who continues to live a life of service into his 80s, by feeding hundreds of San Francisco families a week.
A Bay Area man who overcame tremendous obstacles to excel in school has made it his mission to gear up other students for success in the classroom and in life.
For Students Rising Above scholar Josh Collins it took moving across the country to realize the value of his Bay Area family.
Samir Hooker had to grow up fast after his stepfather was shot dead 12 years ago. Now he is watching over his mom and sister while attending UC Berkeley.
It's hard enough to graduate from one of the most prestigious schools in the country when you're the first in your family to go to college. Imagine doing that while you're also trying to protect your parents from being deported?
Some students who are the first in their families to go to college face the challenge of balancing a rigorous academic load while still working to help support their family back home.