Online banking software vendor S1 Corp. said it terminated its CEO Jaime Ellertson, and brought back company co-founder and chairman James Chip Mahan as chief executive officer to head the firm amid flat sales growth.
Revenue for S1, the parent of Edify, slumped 3% last year to $241 million, though revenue climbed 11% in the first quarter to $62.4 million.
Still, net income was only $720,000, or a penny a share, for the first quarter.
The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
The state's comptroller of public accounts is one of several notable non-depositories with access to the Fed's payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don't?
