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Despite attracting $2 billion in deposits, the cloud-native unit proved too expensive to maintain, prompting a strategic retreat by parent company SMBC.

Analysts say credit card companies could face a major hit to earnings, while banks would also be under pressure.

The American Bankers Association and other groups contend the president's plan to cap credit card interest rates at 10% would drive consumers toward less regulated, more costly alternatives.

A report from the Cato Institute, a libertarian think tank, released Thursday found that most sudden account closures were spurred by supervisory pressure rather than political or religious bias on the part of the banks, a finding that is at odds with the White House's framing of the issue.

The Trump administration's decision to launch a criminal investigation of the Federal Reserve chair is a blatant abuse of power that threatens to undermine confidence in the financial stability of the U.S.

Jason Flanders serves as president of professional talent solutions at Randstad USA, leading operations and strategic initiatives to expand Randstad's footprint, optimize service delivery, and align talent solutions with the market's shifting demands. As an alumnus of Clemson University, he is a noted speaker and commentator on key issues related to finance and accounting, employment trends as well as extensive thought leadership topics related to the broader labor market. He presents on the national and chapter level with leading professional associations, including Financial Executives International, CFO Leadership Council, Institute of Management Accountants, and the FP&A Board.

Following President Trump's aggressive bank deregulation agenda, the FDIC and OCC, and occasionally the increasingly politicized Fed, are in a race to slash compliance requirements. Bankers should remember that the pendulum can always swing back.

Research from American Banker finds that bankers are still extremely worried about fraud, but hope that raising budgets for artificial intelligence could help.

Banks will start reporting their fourth-quarter earnings on Tuesday. But it's what bankers say about the next 12 months that will probably attract the most interest from industry observers.