Corporate governance

A dispersed workforce presents added cybersecurity challenges resulting from employees accessing their organization’s networks through a home connection. This new reality reinforces the need for financial institutions to transform their digital infrastructure to guard against breaches.

The central bank also signed off on Webster Financial’s acquisition of Sterling Bancorp and WSFS Financial’s purchase of Bryn Mawr Bank Corp. The moves come amid a political fight over the bank merger approval process.

Kabbage and other firms are extending credit to fund higher salaries at the small merchants that are struggling to hire new employees.

FNB Bank in the hard-hit community of Mayfield lost its headquarters during the catastrophic storms. It and other financial institutions are aiding local residents who are now taking stock of the damage.

Daniel Pinto was awarded 750,000 options in the form of stock-appreciation rights ahead of his promotion next month to sole president of the company.

Conservative groups have sued the Securities and Exchange Commission and the state of California to overturn rules requiring banks and other companies to add more women and minorities as directors. Experts say the legal challenges are unlikely to change how corporations think about boardroom diversity.

A clash among FDIC board members has intensified a debate about whether regulators should take a tougher look at large M&A deals. House Financial Services Chair Maxine Waters added to the frenzy by calling for a moratorium on approving big acquisitions.

For the third time since the start of the pandemic, the Richmond, Virginia, company will close branches to contain costs in what it calls a “challenging macroeconomic environment.”

The Georgia bank estimates that it will save $12 million annually by shutting down 40 branches.

In a semiannual report on trouble spots in the banking sector, the Office of the Comptroller of the Currency raised concerns that banks are taking on too much risk in pursuit of earnings growth.