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Anna Paulson, executive vice president and director of research at the Federal Reserve Bank of Chicago, will replace outgoing Philadelphia Fed President Patrick Harker.

In a post on his social media platform Thursday morning, the president criticized the Federal Reserve's reluctance to lower rates and said the chair's departure "could not come soon enough."

Whether intentionally or not, regulatory incentives and punishments drive banks out of a lending market, to the detriment of the banking industry, consumers, American business and, in the long run, regulators themselves.

As part of the deal, FIS is acquiring Worldpay's credit processing unit.

The top five banks and thrifts have combined deposits of more than $7.5 trillion in Q4 of 2024.

An internal Consumer Financial Protection Bureau memo says the agency will shift enforcement and supervisory work to the states and cease oversight of all nonbanks and Big Tech firms.

The U.S. government renewed funding for CVE at the last minute. Experts say it's time to future-proof the program against other potential lapses.

The Consumer Financial Protection Bureau and Townstone Financial, a Chicago mortgage lender that it sued in 2020, jointly asked a federal court to vacate a settlement, saying the case should never have been filed.

The firing of National Credit Union Administration board members further erodes the political independence of bank regulators, experts say, in a way that could trickle up to the Federal Reserve.

The Sweden-based payment firm, which recently delayed its IPO due to the trade war, will use Fiserv's Clover point of sale system as it looks to build a market in the U.S. Plus: Payoneer makes a deal in China and other news in this week's global payments roundup.

In internal shakeup, the Office of the Comptroller of the Currency will unify supervision divisions, revive the Chief National Bank Examiner office, and elevate IT oversight as part of a broader streamlining push.

Federal Reserve Chair Jerome Powell warned that actions that undermine the apparent stability of the U.S. economy could have lasting effects on its status as a global safe haven.

The regional bank is offloading a $1.9 billion student loan portfolio in order to focus on its relationships with existing customers, said CEO Bruce Van Saun.

Nashville-based FB Financial announced the opening of a new office in Asheville, North Carolina, a week after striking a $381 million deal for an Alabama-based community bank.

One day after taking the helm as CEO, Gunjan Kedia was candid about the company's lagging stock price, telling analysts that she is "not happy" with it.