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Jennifer Borowy, Michigan First Credit Union's chief operations officer, will take over as chief executive when Michael Poulos, the longtime CEO, retires in October.

The bank leaders were grilled on their long- and short-term expectations for the U.S. economy, the potential impact of capital reform under the Biden administration, banks' investments in Chinese markets, and the future of oil and gas lending.

The company hopes its new technology infrastructure will help it scale and quickly roll out new products.

The changes, which follow similar moves by other large banks, occur as Bank of the West seeks to close a $16.3 billion merger with BMO Harris Bank.

The country's largest banks should deepen partnerships with minority depository institutions and community development financial institutions, and regulators should facilitate that process.

The former head of the agency said a decision last year to suspend caps on investor loans has further induced demand in an already hot market. Other experts say a supply-demand imbalance is the true driving force.

This week in global news, Google faces scrutiny for its payment policies, Apple raises App Store prices in Europe and Asia, and Revolut confirms a cyberattack.

The accounting software provider aims to help small enterprises deal with changes to the workforce brought on by inflation, supply-chain issues and other complications.

The buyer said it would pay $140 million in cash and stock to acquire Citizens Bancshares. It would gain about $1 billion of assets in and around Missouri's largest city.

So far this year, banks have reported that borrowers continue to repay their loans and delinquency rates remain low. But there are signs that this may change.

The product of bipartisan negotiations reviewed by American Banker gives nonbanks the all-clear to issue stablecoins, but keeps the licensing powers with the Federal Reserve and bars algorithmic stablecoins for two years.

People Trust Community Federal Credit Union in Arkansas will provide depository services not offered by its sponsoring community development financial institution, the People Trust Community Loan Fund.

Celina Philpot will succeed interim chief executive Neil Cooper as head of the Canadian credit union on Sept. 26.

The Biden administration has selected Travis Hill, formerly Jelena McWilliams' policy chief, for the No. 2 spot on the board of the Federal Deposit Insurance Corp.

Stephens Inc. found only 19% of bankers expect deal volume to pick up over the next 12 months. It was the lowest percentage since the firm's surveys started in 2017.