The deal resulted in a billion-dollar loss to the FDIC's Deposit Insurance Fund while JPMorgan is set to earn billions, Warren said.
in the banking system following the failures of Silicon Valley Bank and Signature Bank in March.
The FDIC allowed JPMorgan to take over the total package of First Republic's assets for less than they were worth, according to Warren, a longtime critic of Wall Street. Meanwhile, the agency will bear 80% of the credit losses on the bank's mortgages and commercial loans, she said. The Massachusetts Democrat is seeking answers from Gruenberg and Hsu about whether the agency indeed resolved the bank failure at the lowest cost to the federal insurance fund, as is required by law.
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