NFP 2023 Midyear Claims Journal and Trend Report

This document is a midyear overview report for 2023, focusing on claims and trends within the financial services sector. It outlines significant legal and regulatory actions that occurred in the first half of the year, particularly in response to the failures of several large regional banks, including Silicon Valley Bank. The report details various class action lawsuits filed against bank executives and underwriters, highlighting the legal ramifications of these collapses. It also discusses the immediate regulatory responses from federal and state agencies, including reports released by the Federal Reserve and FDIC regarding the bank failures. Additionally, the report notes increased regulatory scrutiny in the financial sector, particularly concerning cryptocurrency, with the SEC's actions against major crypto companies such as Binance and Coinbase. The document concludes with a discussion on new guidance issued by federal regulators aimed at managing third-party risks in banking relationships.