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The FDIC reviewed more than 20 other offers before selling the failed bank, including one from a San Francisco fintech.

The fintech already has a number of large bank partnerships, including Morgan Stanley at Work and Wells Fargo.

"You don't want to land the plane nose down. So we're trying to balance off — can we slow the inflation without sending it into a recession," the Chicago Fed president said.

The former vice chair for supervision challenged his successor's report on the failure of Silicon Valley Bank, said changes that move away from transparency and consistency 'won't survive' in court.

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.

Andrea Riquier is a New York-based journalist who covers housing and finance.

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.

John Cottongim is the co-founder and CTO of Roots Automation, creator of advanced, intelligent Digital Coworkers for the insurance industry. Before Roots Automation, Cottongim led the Enterprise Automation Hub of Mars, Inc. and had a 15-plus year career in large-scale global transformation programs. He has also helped two Fortune 500 companies build cognitive automation programs and scaled out the companies' process automation capabilities.