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Just three months ago, U.S. banks were still using the expiring benchmark rate for the vast majority of their new loans. But regulators said Friday the transition to alternative rates has accelerated ahead of a year-end cutoff.

Assistant Attorney General Jonathan Kanter praised Consumer Financial Protection Bureau Director Rohit Chopra “for his leadership" on bank merger issues. Chopra and two other Democratic board members at the Federal Deposit Insurance Corp. are locked in a battle with Chair Jelena McWilliams over the agency’s own merger policy.

PNC, Bank of America, JPMorgan, Wells Fargo and Citi have all introduced automated projections for commercial clients in recent months. Fintechs that cater to small businesses had pioneered the niche.

David S. Sprague, who has led Hanscom FCU since 1996, will become a member of the credit union’s board of directors after stepping down as chief executive.

Tonia Niedzialkowski will succeed longtime CEO Bernie McLaughlin, who is set to retire in late January.

The social network, now called Meta Platforms, is buying the South Dakota bank's name for $60 million.

Technology that Biz2Credit used to help certified public accountants obtain Paycheck Protection Program loans for their clients is being updated to offer term loans to small-business owners.

The Alabama bank is buying Clearsight Advisors to add to its booming capital markets division.

The Federal Deposit Insurance Corp., which has responded effectively to many external crises, has no playbook for addressing this internal battle on its own.

Alexandra Steinberg Barrage is a partner in the banking and financial services group at Davis Wright Tremaine LLP. Ms. Barrage served as associate director of policy in the FDIC’s complex institution supervision and resolution division.