Financial tightening stemming from two recent bank collapses has served as its own check on inflation, according to Federal Reserve Chair Jerome Powell. He said the relatively small rate hike announced Wednesday was not the result of financial stability concerns.

The government-backed acquisition heads off regulatory and financial concerns at a Swiss bank that could have affected overseas financial institutions that U.S. lenders count on.

The Federal Deposit Insurance Corp. says it has extended the deadline for bids on Silicon Valley Bank, will break the bank into two parts for sale and will allow nonbanks to bid on asset portfolios.

The high-stakes acquisitions of 2008 and subsequent legal liabilities have sapped enthusiasm from many prospective buyers for Silicon Valley and Signature Banks. The Federal Deposit Insurance Corp. may end up having to sell assets piece by piece.

The failures of Signature Bank and Silicon Valley Bank have already rocked mortgage rates but aren't expected to rattle lines of credit provided by depositories, home lenders say.

Other mortgage players this week have distanced themselves from the banking chaos with statements disclosing that they had no relationships with the failed companies.

Financial terms were undisclosed for the most recent acquisition.

After months of speculation, Truist Financial has agreed to sell 20% of its insurance brokerage subsidiary to the private-equity firm Stone Point Capital for $1.95 billion. The deal was touted as a way to provide capital for expansion and increase earnings over time.

Credit unions like to boast that they offer lower rates than banks, but many are bucking that trend to boost liquidity and offset other costs.

In a speech on the central bank's regulatory agenda for the year, Federal Reserve Board Gov. Michelle Bowman said the merger-and-acquisition review process could benefit from added transparency.