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Titi Cole will run the megabank’s legacy franchises division, which contains consumer businesses that Citi is looking to sell or wind down in other countries. The exits are part of CEO Jane Fraser’s efforts to reshape the bank.

TriCo Bancshares said regulators will allow it to finalize its $165.6 million acquisition of Valley Republic. The deal was initially expected to close last year.

Mastercard said it got about 4% of its net revenues last year from business linked to Russia, as Western nations level sanctions against the country for its invasion of Ukraine.

LendingClub is resisting pressure from stakeholders to jump into cryptocurrency as it completes a bank acquisition and works to introduce more traditional financial products.

Citigroup said profitability will fall as the bank pursues a strategy shift that it said will raise expenses in the near term.

The National Credit Union Administration is following up on earlier disbursements totaling more than $1.8 billion to address the failure of four institutions in the wake of the financial crisis.

The president highlighted the economic pain his sanctions have inflicted on Russia during his first State of the Union address, and called on the Senate to confirm his slate of nominees to the Federal Reserve.

The impact of U.S. sanctions against Russia on U.S. banks has so far been limited. But further escalation could lead to anti-money-laundering compliance challenges and invite cyberattacks, among other consequences.

The Federal Reserve Board is taking a fresh look at how financial firms get coveted access to the U.S. central bank’s payment system — a controversial question that’s weighing on President Biden’s pick to be Wall Street’s top bank regulator.

Alternative lenders should be held to the same standards as banks under the Community Reinvestment Act and other laws, M&T CEO René Jones argued in a letter to shareholders.