CNN, WFAA, KTVT
By Andrew Torgan, CNN
The recent string of bank failures in the US has left many people wondering if banks are the safest place to put their money. But before you start stuffing your mattress with $20 bills, here is everything you should know if your bank becomes the next domino to fall.
And here’s what else you need to know to Start Your Week Smart.
The weekend that was
• Eight people were killed and at least seven others wounded when a gunman opened fire at an outlet mall near Dallas on Saturday. The gunman was killed by an Allen Police Department officer who was at the mall on an unrelated call, authorities said. Investigators believe the shooter acted alone.
• Britain’s King Charles III was crowned on Saturday in a once-in-a-generation royal event witnessed by hundreds of high-profile guests inside Westminster Abbey, as well as tens of thousands of well-wishers who gathered in central London despite the rain.
• A Russian military blogger has been injured and his driver killed after their car was blown up Saturday, Russian state media reported, the latest attack on a pro-war figure.
• Ethnic violence in the Indian state of Manipur has killed more than 50 people, left hundreds hospitalized, and displaced 23,000, according to hospital officials and the Indian army.
• Mage won the 149th Kentucky Derby at Churchill Downs in Louisville, Kentucky, on Saturday. The 3-year-old chestnut colt edged out Two Phil’s, who crossed the line to finish in second place, and Angel of Empire finished third.
The week ahead
Amid renewed scrutiny of the banking industry, the Federal Reserve will release a key survey of lending activity in the first quarter — essentially a snapshot of both the demand from businesses and households for loans, and the changes in terms and standards by the banks that make those loans. We got a preview of the survey last week via a letter from an advisory group at the Treasury Department which said the survey showed “lending conditions were tightening before the banking stress emerged.” Bottom line: getting a loan is not that easy anymore.
President Joe Biden is expected to meet with House Speaker Kevin McCarthy and other congressional leaders to discuss raising the debt ceiling, setting the stage for a high-stakes moment in the standoff between the president and House Republicans. Biden’s invitation came after Treasury Secretary Janet Yellen notified lawmakers last week that the US could default on its debt as early as June 1 if Congress does not raise or suspend the debt limit before that time. Biden has not met with McCarthy since February.
We’ll get the latest monthly reading on inflation with the release of the Consumer Price Index for April. Prices dropped for the ninth consecutive month in March, and grocery prices fell on a monthly basis for the first time since September 2020. The report comes on the heels of the Fed’s decision last week to once again raise interest rates to fight inflation.
Title 42, the Trump-era policy that allowed the government to quickly turn away certain migrants at the border during the Covid-19 pandemic, is set to expire. Encounters between US border agents and undocumented immigrants had fallen early this year, but have recently increased to around 7,000 per day. That number is expected to rise dramatically this week as border towns in northern Mexico are already bursting with an estimated 36,000 migrants waiting for the end of Title 42.
May 11 is also the day the Covid-19 national and public health emergencies end in the US, which means many Americans could have to start paying for Covid-19 testing and treatment after the declarations cease.
May 12 is International Nurses Day, and also the birthday of Florence Nightingale, who is considered the founder of modern nursing. This comes as a survey of nurses released last week shows many are thinking about leaving the profession due to a substantial decline in work satisfaction and a significant increase in stress levels brought on by the Covid-19 pandemic.
One Thing: Busy at the border
In this week’s “One Thing” podcast, CNN’s Rosa Flores checks in from El Paso, Texas, where migrants are already arriving ahead of the expiration of Title 42 later this week. We explore how the Biden administration is preparing for the policy shift and why the impacts could be felt well beyond the US-Mexico border. Listen for more.
Photos of the week
Check out more images from the week that was, curated by CNN Photos.
What’s happening in entertainment
TV and streaming
The MTV Movie and TV Awards are scheduled to air live tonight at 8 p.m. ET, but the show will be “going hostless” after Drew Barrymore said last week that she is standing in solidarity with striking members of the Writers Guild of America and stepped down as host. The MTV Movie & TV Awards is the latest television event to be affected by the strike. Late-night shows began turning to repeats last week as their writers joined the picket lines.
The Academy of Country Music Awards will air live on Thursday at 7 p.m. ET on Amazon Prime Video and the Amazon Music Channel on Twitch. Country music legends Dolly Parton and Garth Brooks will host the show.
“Still: A Michael J. Fox Movie” debuts Friday on Apple TV+. The film incorporates documentary, archival and scripted elements to recount Fox’s story in his own words — from his rise to stardom in 1980s Hollywood through the years that followed his diagnosis with Parkinson’s disease at age 29.
“Book Club: The Next Chapter” arrives on the big screen Friday. The sequel to 2018’s “Book Club” features Jane Fonda, Diane Keaton, Candice Bergen and Mary Steenburgen reprising their roles and centers around an impromptu bachelorette getaway to Italy. Andy Garcia, Don Johnson and Craig T. Nelson are also back for the ride.
If you can make a movie about the origins of Tetris, you can make a movie about the “BlackBerry” — the once ubiquitous accessory of corporate executives. The movie, which opens Friday, chronicles the rise and fall of the device that earned the nickname “CrackBerry” and the company that brought it to market in the late 1990s.
What’s happening in sports
At a glance …
The 147th annual Westminster Kennel Club Dog Show — the second-oldest continuous sporting event in the US after the Kentucky Derby — begins Monday at the USTA Billie Jean King National Tennis Center in Queens, New York. Best in Show will be awarded Tuesday night.
For more of your favorite sports, head on over to Bleacher Report, which — like CNN — is owned by Warner Bros. Discovery.
Looking for a challenge? Take CNN’s weekly news quiz to see how much you remember from the week that was! So far, 45% of fellow quiz fans have gotten eight or more questions right. How will you fare?
Play me off…
Canadian singer-songwriter Gordon Lightfoot passed away last week at the age of 84, and if you grew up listening to AM radio in your family’s station wagon, you’ll remember this song. (Click here to view)
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