Hawaii
Banking association: Hawaii banks unaffected by mainland closures
HONOLULU — Following the closure of Silicon Valley Financial institution final week, the Hawaii Bankers Affiliation is assuring the general public that its member banks are protected and unaffected.
“Hawaii Bankers Affiliation member banks have robust capital, mentioned HBA govt director Neal Okabayashi. “At this level, the FDIC has acknowledged that that is an remoted incident, and there’s no indication of systemic points affecting the banking trade.”
The unrest began on March 8, when SVB introduced it had suffered a $1.8 billion loss and wanted to lift extra capital to deal with depositor considerations. The announcement prompted prospects to withdraw funds in worry of a collapse. On March 10, the California Division of Monetary Safety and Innovation shuttered SVB and appointed the Federal Deposit Insurance coverage Company as its receiver after an unsuccessful effort to promote it to bigger monetary establishments.
The speedy fall of the nation’s sixteenth largest financial institution, which as soon as held $210 billion in belongings, despatched shockwaves by the monetary trade. The priority deepened on March 12 when the New York Division of Monetary Providers introduced it had taken over Signature Financial institution and appointed the FDIC as its receiver.
The federal authorities will assure the deposits of each banks, the FDIC, Federal Reserve and Division of the Treasury mentioned in a joint assertion.
The Biden administration was fast to make clear that the FDIC, not taxpayers, will cowl depositors utilizing its deposit insurance coverage fund, which is paid into by member banks.
HBA member banks are additionally members of the FDIC, which ensures conventional deposit accounts and particular person retirement accounts by as much as $250,000.
HBA member banks embrace American Financial savings Financial institution, Financial institution of Hawaii, Central Pacific Financial institution, Finance Components, First Hawaiian Financial institution, Hawaii Nationwide Financial institution, HomeStreet Financial institution and Territorial Financial savings Financial institution.
Politicians on each the left and proper have seized on the occasions of the previous week to advance present political narratives.
Republican presidential candidate Nikki Haley referred to the FDIC’s protection of deposits as a “Biden bailout,” harkening to the controversial monetary trade bailout of 2008.
Florida Gov. Ron DeSantis has additionally recommended that SVB, whose prospects embrace a number of tech sector companies, targeted extra on interesting to its shoppers’ social justice and environmental values than on its core obligations.
Democrats, together with U.S. Sen. Mazie Hirono, D-Hawaii, blamed Trump-era missteps and the financial institution itself.
“In 2018, Republicans rolled again commonsense guidelines designed to forestall this sort of disaster,” Hirono mentioned. “As we be taught extra about this example, one factor is obvious: we have to strengthen — not weaken — rules defending customers, depositors, and our economic system.
“Studies that Silicon Valley Financial institution executives acquired bonuses simply hours earlier than the financial institution was shuttered are deeply regarding,” she continued. “These accountable for this disaster should be held accountable to their prospects and the American folks. These bonuses should be returned.”
Michael Tsai covers native and state politics for Spectrum Information Hawaii.
Hawaii
How this local Hawaii teacher sets up her students for success
MOANALUA, Hawaii (KHON2) — Even though Teacher Appreciation Week is in May, celebrating our educators never stops. Since Oct. 5 is World Teachers’ Day, one Honolulu teacher was celebrated for creating a “dream classroom” for her students.
Download the free KHON2 app for iOS or Android to stay informed on the latest news
N’mmah Kanu teaches third grade at Red Hill Elementary School and prides herself on creating a safe and happy space for every student.
New public preschool classrooms provides ‘testament to importance of early education’
Before coming to Oahu, Kanu “spent years traveling the mainland with her daughter, Zara.” When she decided to move back to the islands, she left all her classroom supplies and decorations and started from scratch.
Kanu has more than 15 years of experience under her belt. When the time came to decorate her Red Hill classroom, she had to create a classroom that fit both her vision and budget.
Her vision was to create a classroom that conveys a passion for learning. After scouring the web, Kanu stumbled over an online marketplace that fit her aesthetic and allowed her to stretch her budget.
She purchased affordable decorations, learning tools, prizes and more to create a classroom to help set her students up for success.
After acquiring the necessary supplies, the classroom came together with “a positive affirmation corner, cozy reading nook, mini library, wall of positive vibes and incentive jar.
In addition to inspiring her students, N’mmah helps inspire teachers across the globe, showcasing her classroom transformation journey with those on TikTok.
Copyright 2024 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
For the latest news, weather, sports, and streaming video, head to KHON2.
Hawaii
First Alert Forecast: Lighter trades may lead to isolated afternoon downpours
Light to moderate trade winds will continue to bring some showers for windward areas through the weekend. But there’s a First Alert as those winds will be light enough to allow afternoon sea breezes to blow over sheltered leeward sections. At the same time, an upper level disturbance will increase the chance for pop-up downpours and isolated thunderstorms late tonight into Sunday.
The chance for some rumbles of thunder will begin with Kauai and surrounding waters later in the day, Oahu tonight and the rest of the island chain Sunday. It will be difficult to say exactly where the heaviest rain will fall, but they will favor leeward areas. Basically, if you see dark clouds forming, there’s that higher chance for heavier rain.
Surf will be small Saturday but we are tracking some higher waves for Sunday. A shoft-lived small medium-period northwest swell will boost waves near head-high levels Sunday. A moderate long-period south swell will peak Sunday with the potential for some sets near the 10-foot high surf advisory level. You’ll get the First Alert here as we get more swell data.
Copyright 2024 Hawaii News Now. All rights reserved.
Hawaii
Hawaii-grown flowers in the spotlight: New variety of anthurium presented at event
-
Technology4 days ago
Charter will offer Peacock for free with some cable subscriptions next year
-
World3 days ago
Ukrainian stronghold Vuhledar falls to Russian offensive after two years of bombardment
-
World3 days ago
WikiLeaks’ Julian Assange says he pleaded ‘guilty to journalism’ in order to be freed
-
Technology2 days ago
Beware of fraudsters posing as government officials trying to steal your cash
-
Virginia4 days ago
Status for Daniels and Green still uncertain for this week against Virginia Tech; Reuben done for season
-
Sports1 day ago
Freddie Freeman says his ankle sprain is worst injury he's ever tried to play through
-
Health18 hours ago
Health, happiness and helping others are vital parts of free and responsible society, Founding Fathers taught
-
News19 hours ago
Lebanon says 50 medics killed in past three days as Israel extends its bombardment