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First Northwest Bancorp in Port Angeles has selected an Everett, Washington-based competitor's president to serve as its new top executive.

The Charlotte-based megabank announced that it had appointed two business leaders to be co-presidents of the bank, and elevated its chief financial officer to serve as executive vice president.

The Massachusetts bank is being accused of aiding and abetting the operation of a Ponzi scheme centered in Hamilton, New York. The bank declined to comment on the allegations.

City National Bank promotes Brandon Williams to head private banking and wealth management; a former U.S. Postal Service letter carrier is sentenced to five and a half years for stealing over $10 million in checks from the mail; Lazard expands its North American investment banking franchise with two managing director hires; and more in this week's banking news roundup.

The government-powered network is allowing larger payments to settle instantly, a move The Clearing House has also made for its RTP network. Payment experts say more than higher limits are needed to make speedy processing ubiquitous.

The world's largest stablecoin issuer is preparing to launch USAT, its U.S.-regulated, dollar-backed stablecoin, by the end of the year, Tether CEO Paolo Ardoino told reporters at an event in New York. Bo Hines was also named CEO of USAT.

The AI-powered auto lender is the latest fintech to debut an IPO in recent months, even as a different auto lender filed for bankruptcy this week.

Biometrics for in-store payments are taking off; the next logical step is e-commerce. Here's how that may work.

Pious claims about the importance of free data are a smoke screen. What the fintech industry really wants is to stick banks with the bill for organizing, securing and delivering customer data on their behalf.

The Office of the Comptroller of the Currency's recent bulletin warning banks that past debanking actions could affect supervisory reviews is the latest effort to put the president's executive order on debanking into action. But industry sources say the order itself forces banks to choose between pleasing their regulators and taking on unwanted risk.