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    Carew Classic revises schedule and format due to expected rain Wednesday, Thursday
    • March 29, 2023

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    Lance Eddy, the tournament director for the Michelle Carew Classic, announced Tuesday that the softball tournament has canceled all of the games scheduled for Wednesday and Thursday because it is expected to rain those days.

    The tournament games have been rescheduled for Friday and Saturday.

    Eddy hopes all teams can play at least four games using a new format that makes it two, four-game mini-tournaments.

    The majority of the games will be played at Peralta Park and Yorba Regional Park in Anaheim. Games will also be played at Canyon and El Modena high schools.

    Eddy added the tournament to the app “Tourney Machine” to help keep teams, parents and the media keep track of the updates to the schedule.

    Here is the tentative schedule for Friday, March 31:

    PERALTA PARK 

    9 a.m.: Peralta 3 SS2, Pacifica-Rancho B

    9 a.m.: Peralta 2 SS1, St. Francis-Centennial

    9 a.m.: Peralta 1 FF1, Canyon-Great Oak

    11 a.m.: Peralta 3 SS7, Canyon V-Arbor V

    11 a.m.: Peralta 2 SS8, Huntington Beach-Norco

    11 a.m.: Peralta 1 FF2, Chino Hills-Great Oak

    1 p.m.: Canyon HS SS4, Beaumont-Rio Mesa

    1 p.m.: Peralta 3 SS9, Losers 1 & 2

    1:15 p.m.: Peralta 2 SS13, Winners 1 & 2

    1:15 p.m.: Peralta 1 FF3, Chino Hills-Canyon

    3:15 p.m.: Peralta 3 SS16, Winners 7 & 8

    3:15 p.m.: Peralta 2 SS3, Esperanza-Marina

    3:15 p.m.: Peralta 1 S55, Orange Lutheran – Mater Dei

    5:15 p.m.: Peralta 3 SS12, Losers 7 & 8

    5:30 p.m.: Peralta 2 SS10, Losers 3 & 4

    5:30 p.m.: Peralta 1 SS6, Los Alamitos -Mission Viejo

    7:30 p.m.: Peralta 3 SS11, Losers 5 & 6

    7:30 p.m.: Peralta 2 SS15, Winners 5 & 6

    7:30 p.m.: Peralta 1 SS14, Winners 3 & 4

    YORBA REGIONAL PARK

    10 a.m.: Yorba 3 FF4, Rio Mesa – Cathedral Catholic

    10 a.m.: Yorba 2 FF8, ValleyV-Yucaipa

    10 a.m.: Yorba 1 FF9, Poway-El Modena

    Noon: Yorba 3 FF12, Losers 8 & 9

    Noon: Yorba 2 FF5, JSerra-Santiago

    12:15 p.m.: Yorba 1 FF6, Millikan-Grande Terrace

    2:15 p.m.: Yorba 3 FF10, Losers 4 & 5

    2:15 p.m.: Yorba 2 FF15, Winners 8 & 9

    2:30 p.m.: Yorba 1 FF7, Vista Murrieta-Gahr

    4:15 p.m.: Yorba 3 FF11, Losers 6 & 7

    4:30 p.m.: Yorba 2 FF13, Winners 4 & 5

    4:30 p.m.: Yorba 1 FF14, Winners 6 & 7

    — Staff report

    CAREW CLASSIC LOADED WITH TOP TEAMS

    The Carew Classic has again attracted a talented field. Eight of the teams ranked in the Orange County Top 10 are part of the tournament.

    The lineup includes No. 1 Los Alamitos, No. 2 Esperanza, No. 3 Pacifica, No. 4 Orange Lutheran, No. 6 Marina, No. 7 Huntington Beach, No. 8 Mission Viejo and No. 9 JSerra.

    Saint Francis of Mountain View in Northern California and Los Alamitos are seeded first and second, followed by Murrieta Mesa and Norco.

    Norco is ranked No. 1 this week in CIF-SS Division 1.

    The tournament also features Rancho Bernardo, Poway and Mater Dei Catholic from San Diego and Arbor View and Centennial from Nevada.

    “I’m so excited,” Orange Lutheran ace Brianne Weiss said of the Carew Classic. “You get to play teams that are not really in your area. I love that about the Carew.”

    Tournament host Canyon is the defending champion. The event honors the former Canyon player and daughter of Hall of Fame baseball player Rod Carew. Michelle Carew died in 1996 at age 18 after fighting acute nonlymphocytic leukemia for several months.

    The tournament awards the Michelle Carew Most Inspirational Award each year.

    — Dan Albano 

    NOTES

    Eddy is retiring as the tournament director after this year. He said JR Bennett, a father of girls who played softball at Canyon, will take over as tournament director. …

    The Woodbridge-hosted Alan Dugard Classic began last weekend and is scheduled to end Saturday. Capistrano Valley, Aliso Niguel, Irvine and Edison are among the teams in the gold bracket. …

    Tesoro junior leadoff hitter Kiara Cisneros went 8 for 9 with four runs scored to help lead the Titans to a pair of victories at the La Mirada tournament on Saturday. …

    Esperanza junior Taylor Shumaker belted her ninth home run in a 12-2 victory against Yorba Linda on Monday.

    –Dan Albano

    ​ Orange County Register 

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    USC RB MarShawn Lloyd excited to join forces with Caleb Williams at last
    • March 29, 2023

    LOS ANGELES — From little league through battles at rival high schools Gonzaga and DeMatha, quarterback Caleb Williams and running back MarShawn Lloyd were always on opposite sides. But when they met in the handshake line, they always talked about one day teaming up.

    So when Lloyd entered the transfer portal in January, Williams was quick to text his old friend with a recruiting pitch to USC. The message: “Come here now, let’s win a national championship and then let’s go to the league.”

    “I was like, ‘Let’s go,’” Lloyd said. “I’m all for it.”

    Lloyd spent three years at South Carolina before transferring to USC. He missed his freshman season with a torn ACL, then was worked into action the next year.

    As a redshirt sophomore, he led the Gamecocks in rushing with 573 yards and nine touchdowns on 111 carries while playing in nine games. He also averaged 9.8 yards per reception while making 18 catches.

    There was no shortage of options for Lloyd’s services when he entered the transfer portal following the season. Tennessee was the first to reach out, soon followed by Michigan State and Michigan.

    But as he studied USC’s offense, he found the perceptions of the Trojans running a pass-heavy scheme to be unfounded.

    “If you look at the numbers, the running back is getting the ball like 20 carries a game,” Lloyd said. “I just like the way that they execute at all levels as far as passing the ball, O-line blocking. I just felt like it would be a great fit.”

    Since getting to USC, that’s been Lloyd’s main goal: To fit, like many of the transfers who found their place in the locker room a year ago.

    He’s learning the offense from returning backs Austin Jones and Darwin Barlow, while simultaneously looking to teach freshmen A’Marion Peterson and Quinten Joyner the ins and outs of being a college athlete. He prefers to do so by example but understands that a word of wisdom is helpful for underclassmen.

    And Lloyd knows he has to keep focused on the same prize that his teammates have been working toward.

    “We all want to go to the league one day, obviously, but we all want to win a national championship,” Lloyd said. “They were so close last year – we, now – we were so close last year so I just feel like with these little missing pieces, we can be a really good team.”

    He joins a crowded running back room. In addition to Jones – who started in the injured Travis Dye’s place last season – and Barlow, talented sophomore Raleek Brown returns from last year’s team.

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    Brown is being asked to wear many hats for the Trojans, potentially lining up at receiver and returning kickoffs or punts. The addition of someone like Lloyd allows USC to be more creative in its usage of Brown.

    “Having five guys back there that we’re pretty excited about, it’s allowed us to move Raleek around,” head coach Lincoln Riley said. “That room has been a real bright spot here in camp.”

    But Lloyd has versatile skills, too, which is why Williams has long dreamed of pairing with him and is already scheming what they will do next season.

    “He has good vision, he catches the ball well out of the backfield. We might flex him out,” Williams said. “He’ll get the ball in his hands and he’ll do his thing. He’s been doing the same thing since eighth grade.”

    ​ Orange County Register 

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    Huntington Beach baseball will be in spotlight at National High School Invitational
    • March 29, 2023

    Eight of the 10 teams that have won the National High School Invitational baseball tournament in Cary, North Carolina, have been California teams.

    Huntington Beach won it in 2016 and is in the NHSI again this season. Like the other three California teams in the NHSI that begins Wednesday, Huntington Beach is a targeted team.

    “You’re representing more than just your school,” said Huntington Beach coach Benji Medure.”You’re representing your state. And all those teams from other states, they want to knock off the California teams that are out here.”

    JSerra and Santa Margarita are also in the NHSI, as is Aquinas of San Bernardino.

    Orange County teams have done well in the 16-team tournament that is played at the USA Baseball complex in Cary. Mater Dei won the first two NHSI tournaments, in 2013 and ‘14. San Clemente won it in 2015, Huntington Beach in ‘16, and Orange Lutheran won it three years in a row, 2017-19.

    Huntington Beach has been on a roll lately. The Oilers were 2-6 before winning six in a row. Some of those losses were to outstanding teams like South Hills, which is the No. 1 team in the CIF Southern Section Division 2 Top 10. Other losses were to Aquinas in extra innings, to Orange County No. 8 Foothill by one run and to CIF-SS Division 1 No. 4 Corona 2-0.

    Seniors Aidan Espinoza, Colby Turner and Ralphie Velazquez have propelled the offense. Medure said seniors Brad Gindlinger, Carson Lake and Wyatt Thomas and junior Nate Aceves have led the pitching corps.

    “We played some tough teams and played well enough to win some of those games,” Medure said, “but it just didn’t work out. Then we got into a rut where we couldn’t do much right but I think we’ve hit our stride lately.”

    NOTES

    The National Classic tournament begins April 6. Orange County teams in the 16-team bracket include four teams in the Orange County Top 10: No. 4 Villa Park, No. 6 Cypress, No. 9 El Dorado and No. 10 Servite. …

    Trinity League teams do not play league games this week. Santa Margarita is in first place at 8-1. Mater Dei is second at 7-2 with JSerra and Orange Lutheran tied for third at 4-5. …

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    Orange Lutheran baseball tops No. 1 Mater Dei in another extra-inning battle

    Rain is in the forecast for Wednesday and Thursday but could clear out in time to allow games to be played Friday. These games are currently on the schedule for Friday: Ayala at Cypress, 11 a.m.; two games in the tight Freeway League at 3:15 p.m. are Sunny Hills at Fullerton and Troy at La Habra; and Tesoro at Trabuco Hills, 3:45 p.m. …

    The Anaheim Lions Tournament continues. Through Monday teams that were undefeated in the 60-team tournament included Kennedy, La Habra, Pacifica and Sunny Hills. The tournament started March 7 and is scheduled to conclude Saturday.

    ​ Orange County Register 

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    Dodgers’ Miguel Rojas is the healthy, vocal surprise of spring training
    • March 29, 2023

    ANAHEIM ― Maybe the writing was on the wall early in camp, from the time Dodgers shortstop Gavin Lux underwent season-ending knee surgery and his replacement, veteran Miguel Rojas, committed to staying in spring training rather than departing to play for Venezuela in the World Baseball Classic.

    Since then, Rojas’ leadership emerged as the most pleasant surprise of spring training in the opinion of Dodgers manager Dave Roberts. The 34-year-old is regularly engaged with teammates on the field and in the clubhouse, a surprise social butterfly as well as an unlikely starting shortstop on a team with championship aspirations.

    Rojas has eased fears about the loss of Lux (and validated his recent contract extension) with his performance at the plate. He entered the Dodgers’ final exhibition game with a .273 batting average and .810 on-base plus slugging percentage and added a two-run single to tie the score in the fifth inning on Tuesday. His home run Monday against Angels pitcher Tyler Anderson was his second of spring training – not too shabby considering Rojas hit just six homers in 140 games for the Miami Marlins in 2022.

    Perhaps most impressively, Rojas entered Tuesday’s Freeway Series finale having struck out only twice in 44 at-bats, even as coaches are encouraging him to take a more aggressive two-strike approach. His home run Monday came on a 1-and-2 count.

    “I used to be really protective,” Rojas said. “I describe it as playing defense with two strikes. Now I have a little more freedom being in this lineup. A lot of guys in this lineup are going to do damage. We’re going to score runs. I don’t have to be as protective as I used to be.”

    Being healthy helps.

    Rojas had separate minor surgical procedures on his right wrist and hand over the offseason. He reiterated that having a strong upper hand has made a big difference at the plate. Last year, his batting average fell to .236. Rojas said a fly ball that ordinarily would carry over the fence would be an out. His wrist would hurt after making contact.

    Now?

    “It’s a little stiff still and I can feel it when I dive – when I have to dive into a base and I use my hands to pop up,” he said. “With more time, playing, doing whatever I need to do to keep strengthening, I feel the range of motion is going to come back. Other than that, swinging has been fine.”

    OUTFIELD PUZZLE SOLVED

    The Dodgers will begin the season with five outfielders capable of playing the two positions (left field and center field) not occupied by All-Star Mookie Betts.

    Tuesday, Roberts described in detail how he plans to use his two right-handed hitting outfielders (Trayce Thompson and Chris Taylor) and the three lefties (David Peralta, Jason Heyward and James Outman).

    “Trayce and CT are going to take the brunt of those at-bats (against left-handed pitchers), and then vs. right(-handed pitchers), I think it’s a combo of James, Peralta and (Heyward),” Roberts said. “James is going to get the lion’s share of those right-handed at-bats in center field.”

    Outman was the standout offensive performer of the group in camp. The rookie entered Tuesday hitting .294 with three home runs and 11 RBIs in 22 spring games. That somewhat eased the challenge Roberts faces in dividing playing time fairly.

    “You’re trying to play both sides eventually and keep everyone more involved,” Roberts said. “But I think that if it works – which I believe it can and will work – it keeps everyone feeling like they’re contributing on a nightly basis.”

    NEARLY FULL NELSON

    Reliever Jimmy Nelson will start the season on the injured list despite pitching a 1-2-3 inning against the Angels – his first game action in nine days.

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    Nelson walked seven batters and recorded just one out between his previous Cactus League outings, March 16 and 19. Tuesday, the right-hander needed only 12 pitches (seven strikes, five balls) to retire the side in the sixth inning.

    “Trying to get back so quickly from this big process of the (elbow and flexor tendon) surgery and rehab and recovery, I think he wants it all right now,” Roberts said. “For me, it’s just slowing things down, which tonight I thought he did a good job of and didn’t let it spiral out.”

    Nelson will remain with the team through at least Opening Day, Roberts said. There is no target date for Nelson, 33, to complete his rehab process.

    UP NEXT

    The Dodgers have an off-day on Wednesday before opening the season on Thursday night against the Arizona Diamondbacks at Dodger Stadium.

    ​ Orange County Register 

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    Apple rolls out buy now, pay later service, with guardrails
    • March 28, 2023

    Apple is getting into the buy now, pay later space with a few tweaks to the existing model — including no option to pay with a credit card. The company will roll out the product to some consumers this spring, and will begin reporting the loans to credit bureaus in the fall.

    Here’s what you need to know.

    Since the start of the pandemic, the option to “buy now, pay later” has skyrocketed in popularity, especially among young and low-income consumers who may not have ready access to traditional credit.

    If you shop online for clothes or furniture, sneakers or concert tickets, you’ve seen the option at checkout to break the cost into smaller installments over time. Companies like Afterpay, Affirm, Klarna, and Paypal already offer the service, typically with late fees for missed payments and the option to use a credit card or bank account to make installment payments.

    Apple’s version, which is integrated with Apple Pay and facilitated by MasterCard, will require the consumer use a debit card and a bank account to make those payments, the company said, and will not charge flat or percentage late fees. Instead, missed payments will eventually result in the consumer losing access to these kinds of loans.

    Apple said its buy now, pay later product will also offer fraud and consumer protections through MasterCard’s existing pay-by-installment model, and will charge merchants fees that “are competitive to other installment products in the market,” according to Mastercard spokesperson Raul Lopez.

    How does buy now, pay later work?

    Branded as “interest-free loans,” buy now, pay later services require you to download an app, link a bank account or debit or credit card, and sign up to pay in weekly or monthly installments. Some companies, such as Klarna and Afterpay, do soft credit checks, which aren’t reported to credit bureaus, before approving borrowers. This is how Apple’s product will operate as well. Most users are approved in minutes. Scheduled payments are then automatically deducted from one’s bank account or charged to one’s card.

    The services generally don’t charge more than a customer would have paid up front, meaning there’s technically no interest, so long as one makes the payments on time.

    But if a customer pays late, they may be subject to a flat fee or a fee calculated as a percentage of the total owed. These can run as high as $34 plus interest. If a customer misses multiple payments, they may be shut out from using the service in the future, and the delinquency could hurt their credit score.

    In Apple’s case, the company said there will be no late fees, either flat or as a percentage — only the possibility of missed payments reported to credit bureaus, and a loss of access to the loans. If a user wishes to defer payments, or set up a different payment plan, Apple said they can contact support. Several services allow users to defer payments in this way.

    Are my purchases protected?

    In the U.S., buy now, pay later services are not currently covered by the Truth in Lending Act, which regulates credit cards and other types of loans (those paid back in more than four installments).

    That means you could find it more difficult to settle disputes with merchants, return items, or get your money back in cases of fraud. Companies can offer protections, but they don’t have to. Apple’s protections are offered through Mastercard.

    Lauren Saunders, associate director at the National Consumer Law Center, advises borrowers to avoid linking a credit card to buy now, pay later apps whenever possible. If you do, you lose the protections you get from using the credit card while also opening yourself up to owing interest to the card company.

    “Use the credit card directly and get those protections,” she said. “Otherwise, it’s the worst of both worlds.”

    Apple’s decision not to permit consumers to link a credit card to its buy now, pay later product means the consumer avoids stacking debt in this way.

    ​ Orange County Register 

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    Elvis Costello & The Imposters’ summer tour is coming to The Greek Theatre
    • March 28, 2023

    Elvis Costello & The Imposters will be stopping by The Greek Theatre in Los Angeles with its We’re All Going on a Summer Holiday Tour on Friday, June 16.

    Costello and the band will also be joined by Nick Lowe & Los Straitjackets on the 23-date tour.

    Tickets for the show will be available to the general public at 10 a.m. Friday, March 31 at ticketmaster.com. There’s also a special presale starting at 10 a.m. Wednesday, March 29. Pre-sale for Citi Card members at citientertainment.com.

    In February, Costello played the highly-acclaimed “100 Songs and More,” a 10-evening engagement at the Gramercy Theater in New York where he played more than 230 original songs, repeating only three titles. Additionally, Costello released the compilation “The Songs of Bacharach & Costello” on March 2. It’s a double album celebrating his nearly 30-year songwriting collaboration with Burt Bacharach.

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    ​ Orange County Register 

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    Orange County’s only cancer specialty hospital will open in 2025
    • March 28, 2023

    In November, Heidi Paolone received a heart-wrenching diagnosis: She had a rare form of stage 3 ovarian cancer.

    Paolone was referred to City of Hope, a cancer research and treatment hospital, and had surgery at its Duarte facility, about 60 miles from her home in Cota de Caza. But with City of Hope set to open Orange County’s only cancer specialty hospital in Irvine in the fall of 2025, she is excited at the prospect of care a shorter distance from home.

    City of Hope unveiled to-scale replicas of some of the planned hospital’s rooms and features on Tuesday, March 28, in an effort to solicit feedback about the design, layout and functionality from stakeholders, patients, doctors and the community at large. That’s in line with its “philosophy of wanting to be a neighbor,” said Annette Walker, president of City of Hope Orange County.

    Annette M. Walker, President of City of Hope Orange County, speaks during a tour of mock room designs at the hospital in Irvine, CA on Tuesday, March 28, 2023. The cancer speciality hospital will open in 2025.
    Listening are cancer patient Heidi Paolone, Cynthia Powers, City of Hope vice president, and Irvine Mayor Farrah Khan. (Photo by Paul Bersebach, Orange County Register/SCNG)

    Artist rendering of a new cancer speciality hospital that will open in 2025 at City of Hope Orange County in Irvine, CA. (Photo courtesy City of Hope)

    A mock up of a patient room is displayed at a new cancer speciality hospital at City of Hope Orange County in Irvine, CA on Tuesday, March 28, 2023. Officials gave a tour of the mock design of several rooms. (Photo by Paul Bersebach, Orange County Register/SCNG)

    Work continues on a new cancer speciality hospital at City of Hope Orange County in Irvine, CA on Tuesday, March 28, 2023. (Photo by Paul Bersebach, Orange County Register/SCNG)

    A mock up of an imaging suite is displayed at a new cancer speciality hospital at City of Hope Orange County in Irvine, CA on Tuesday, March 28, 2023. Officials gave a tour of the mock design of several rooms. (Photo by Paul Bersebach, Orange County Register/SCNG)

    City of Hope cancer patient Heidi Paolone speaks during a tour of mock room designs at a new cancer speciality hospital in Irvine, CA on Tuesday, March 28, 2023. The cancer speciality hospital will open in 2025 on the City of Hope Orange County campus.
    Listening are Irvine Mayor Farrah Khan, City of Hope Orange County President Annette M. Walker and Vice President Cynthia Powers, from left. (Photo by Paul Bersebach, Orange County Register/SCNG)

    City of Hope Orange County Vice President Cynthia Powers and President Annette M. Walker, from left, show a mock room designs at a new cancer speciality hospital in Irvine, CA on Tuesday, March 28, 2023. The hospital will open in 2025 on the City of Hope campus. (Photo by Paul Bersebach, Orange County Register/SCNG)

    A new cancer speciality hospital will open in 2025 at City of Hope Orange County in Irvine, CA. Officials gave a tour of the mock design of several rooms of the hospital. (Photo by Paul Bersebach, Orange County Register/SCNG)

    Work continues on a new cancer speciality hospital at City of Hope Orange County in Irvine, CA on Tuesday, March 28, 2023. (Photo by Paul Bersebach, Orange County Register/SCNG)

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    The replicas included the care team station, patient rooms, a pharmacy, a laboratory, a CT scan suite and fluoroscopy procedure area.

    The design layout was intended to be less of a “sterile environment” and more comforting and welcoming, Cynthia Powers, vice president and associate chief nursing officer at City of Hope Orange County, said.

    For example, she said, medical paraphernalia is tucked away out of sight in patient rooms to declutter and “really focus on the aesthetics.” Counters at care team stations are low so nurses and physicians can speak and acknowledge patients, she said, rather than have them go unnoticed.

    Walker said City of Hope did extensive research on Orange County to determine the cancers that had the greatest need in choosing specialists in gynecology, hematology-oncology, dermatology, breast cancer and bone marrow. An integrated medicine specialist was also hired.

    “We do have some Eastern methodologies that will be incorporated in our supportive care departments such as acupuncture, meditation,” Walker said. “We are doing some clinical trials on CBD and the effect of CBD on eliminating some of the symptoms of chemotherapy.”

    The experience of walking through the mock design was “unique and special,” said Irvine Mayor Farrah Khan.

    The new cancer campus will be “a groundbreaker not only for Irvine but for all of Orange County,” Khan said, because residents will not have to travel for care.

    “Seeing the growth of not only the hospital industries but also the MedTech in Irvine really goes to show that people here care about the community,” Khan said.

    According to data provided by City of Hope, before its cancer center opened, nearly 20 percent of cancer patients left the county for advanced cancer care.

    City of Hope is investing more than $1.5 billion, some of that funding coming from philanthropy, in the 73-bed cancer campus that will span over 122,000 square feet, adjacent to the City of Hope’s outpatient cancer center that opened in August. Prior to the opening of the outpatient center, the hospital brought in more than 500 people to provide feedback on the design.

    “As soon as I walked into the lobby here, I just felt like I could breathe,” Paolone said. “It’s not how it looks; it’s how it made me feel. I didn’t feel like I was in this scary, sterile place. It just felt warm.”

    ​ Orange County Register 

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    Fed official: Bank rules under review in wake of SVB failure
    • March 28, 2023

    The Federal Reserve’s bank supervisors warned Silicon Valley Bank’s management as early as the fall of 2021 of risks stemming from its unusual business model, a top Fed official said Tuesday, but its managers failed to take the steps necessary to fix the problems.

    The Fed official, Michael Barr, the nation’s top banking regulator, said during a Senate Banking Committee hearing that the Fed is considering whether stronger bank rules are needed to prevent a similar failure in the future.

    Silicon Valley Bank’s management was deficient, Barr said. In particular, he said, the interest rate model the bank used “was not at all aligned with reality.”

    The timeline that Barr laid out for when the Fed had alerted Silicon Valley’s management to the risks it faced is earlier than the central bank has previously said the bank was on its radar screen.

    Tuesday’s hearing was the first formal congressional inquiry into the March 10 collapse of Silicon Valley Bank and the subsequent failure of New York-based Signature Bank, the second- and third-largest bank failures in U.S. history.

    The failures set off financial tremors in the U.S. and Europe and led the Fed and other government agencies to back all deposits at the two banks, even though nearly 90% of both banks’ deposits exceeded the $250,000 insurance threshold. The Fed also established a new lending program to enable banks to more easily raise cash if needed.

    Late Sunday, the Federal Deposit Insurance Corp. said that resolving the two banks, including reimbursing depositors, would cost its insurance fund $20 billion, the largest such impact in its history. The FDIC plans to recoup those funds through a levy on all banks, which will likely be passed on to consumers.

    Sen. Sherrod Brown, the Ohio Democrat who leads the committee, suggested that the government’s rescue of SVB’s depositors, which included wealthy venture capitalists and large tech companies, had caused “justified anger” among many Americans.

    “I understand why many Americans are angry — even disgusted — at how quickly the government mobilized, when a bunch of elites in California were demanding it,” Brown said.

    Republican members of the committee focused their fire on the Fed and other regulators for failing to prevent SVB’s failure. The Fed has been criticized by advocacy groups for not adequately responding to red flags about the bank’s management.

    “I hope to learn how the Federal Reserve could know about such risky practices for more than a year and failed to take definitive, corrective action,” said Sen. Tim Scott, Republican from South Carolina. “By all accounts, our regulators appear to have been asleep at the wheel.”

    Several senators have introduced bills that would tighten bank regulation or raise the FDIC’s $250,000 threshold. But given the partisan divisions in Congress on those issues, few expect such proposals to become law.

    Silicon Valley’s deposits were heavily concentrated in the high-tech sector, which made it particularly vulnerable to a downturn in a single industry. It had bought long-term Treasurys and other bonds with those funds.

    The value of those bonds fell as interest rates rose. When the bank was forced to sell those bonds to repay depositors as they withdrew funds, Silicon Valley absorbed heavy losses and couldn’t pay its customers.

    Barr said that depositors withdrew $42 billion — equal to about a quarter of the bank’s assets — on the Thursday before the bank failed. On Friday morning, it faced an additional $100 billion in withdrawal requests.

    Barr said the Fed’s review of Silicon Valley’s collapse will consider whether stricter regulations are needed, including whether supervisors have the tools needed to follow up on their warnings. The Fed will also consider whether tougher rules are needed on liquidity — the ability of the bank to access cash — and capital requirements, which govern the level of funds a bank needs to hold.

    ​ Orange County Register 

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