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The plan calls for the formation of Orca Bank in Bellingham, Washington. It would become a subsidiary of Savi, whose CEO would assume the same role at the bank.

The brokerage plans to cut staff and close or downsize offices in response to investor pressure.

A new reporting requirement for banks with at least $100 billion of assets would push seven banks and two holding companies into a stricter regulatory category.

Banks are holding their fintech partners to a higher compliance standard as regulatory scrutiny of banking-as-a-service increases.

Many public-transit riders are ready for a single app to manage fees for trains, buses, bicycles, scooters and ride-sharing across cities, according to a new global survey from Visa.

Figure, Oportun and Brex are among the fintechs that have dropped their applications for a banking charter.

It's hard to see FedNow as a revolutionary solution because it's not actually much newer, faster or cheaper in many cases than existing payment services.

Many depositors have "shifted their funds into higher-interest-bearing accounts, increasing banks' funding costs," S&P wrote in a note summarizing the moves.

The job cuts come amid caution about the industry's growth potential in the second half of the year. Some 45,000 positions have been lost in banking and related industries over the last two-plus years.

The New York megabank is considering splitting its institutional clients group division into three parts following the upcoming departure of top executive Paco Ybarra, the Financial Times reported. The heads of the three segments would report directly to CEO Jane Fraser.