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Nearly $100 billion in deposits pulled from banks; officials call system ‘sound and resilient’


A First Citizens Bank branch in Dunwoody, Georgia, on Thursday, March 23, 2023.Elijah Nouvelage | Bloomberg | Getty ImagesRegulators again assured the public that the banking system is safe, as fresh data showed customers recently pulled nearly $100 billion in deposits.Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and more than a dozen other officials convened a special closed meeting of the Financial Stability Oversight Council on Friday.related investing newsA readout from the session indicated that a New York Fed staff member briefed the group on “market developments.””The Council discussed current conditions in the banking sector and noted that while some institutions have come under stress, the U.S. banking system remains sound and resilient,” the statement said. “The Council also discussed ongoing efforts at member agencies to monitor financial developments.” There were no other details provided on the meeting.The readout, released shortly after the market closed Friday, came around the same time as new Fed data showed that bank customers collectively pulled $98.4 billion from accounts for the week ended March 15.That would have covered the period when the …

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