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The challenger bank offers the largest advances on the market, but it is still working to become net cash positive and faces stiff competition.

First Horizon commits part of TD breakup fee to local communities, Southern Security poised for huge membership growth, Marqeta faces layoffs and more in this week's banking news roundup.

President Biden will ask the Senate to confirm Gov. Philip Jefferson for the No. 2 spot on the Federal Reserve Board; World Bank Group executive and Colombian-American Adriana Kugler for a vacant board seat; and Gov. Lisa Cook for a full term.

Generations United Federal Credit Union's first president and CEO, John Linzey, expects to attract the very customers that banks might turn away if the economy sours.

The Consumer Financial Protection Bureau alerted staff this week that text messages had been sent to employee personal phone numbers claiming to be from Director Rohit Chopra.

In their rush to control pandemic-related payment crime, many organizations deemphasized protections against older schemes that are now resurgent.

If Congress fails to raise the debt limit, it will really impact the U.S.'s credit rating, Yellen warned.

Already well-established in other countries, a conduct risk authority would monitor banks for the kind of risky behavior that the current examination regime might miss.

Jay Champion had been chief executive of the $2.2 billion-asset company since late 2018.

The state lost almost 48,000 people by mid-2022 from two years before, according to Census Bureau estimates, spurring concern about outmigration that will curb long-term economic growth.

The Federal Reserve Board governor also called for the Fed to commission an independent investigation into the failure of Silicon Valley Bank.

Delinquency rates in credit cards, auto and personal loans are effectively back to normal after three years of unusually strong credit performance. Industry executives say the current situation is easily manageable, but they do anticipate that key metrics will continue to worsen.

Michigan State University Federal Credit Union is partnering with Debbie, a Miami-based fintech that helps consumers break free of delinquency and correct bad spending habits, to strengthen its financial education tools and build its deposit base.

The director of the Consumer Financial Protection Bureau told a fintech audience Thursday that banks need to make it easier for consumers to switch accounts, and should make lending decisions with less reliance on credit scores.

The de novo institution is offering treasury management and depository services to the fragmented nail-and-beauty segment. Management has hopes this will bolster its relationship banking and liquidity.