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The Seafarers International Union sued Bank of America's senior managers and board alleging breach of their fiduciary duty in managing a prepaid debit card program that distributed unemployment benefits during the pandemic.

The deal with private equity firm KKR follows an earlier announced sale of $1.3 billion in medical office loans. The Columbus, Georgia-based company has said it's "proactively optimizing the balance sheet" to position itself for long-term growth.

Senate Banking Committee Chair Sherrod Brown, D-Ohio, and other committee Democrats told the Federal Reserve that the agency isn't considering financial stability enough in its review of bank merger applications.

The nearly $81 million plan to buy Community Financial Group in Spokane, Washington, would mark the 13th acquisition in the past decade for Glacier. The Montana-based bank has more than tripled in size during that time.

In global news this week, Microsoft is working with the London Stock Exchange Group on artificial intelligence, Apple's mobile wallet debuts in Vietnam and more.

Bank of New York Mellon, U.S. Bank and others are looking at how the Federal Reserve's instant settlement network could safely speed up routing, payroll and billing.

The real threat is from undercapitalized banks, and regulators must require large banks to have enough capital to eliminate that threat.

The Federal Reserve has outlined the process state member banks must follow before issuing, redeeming or holding stablecoins. The agency also says it will create an examination process to monitor novel activities.

The Alabama bank is rolling out an online platform for corporate clients to manage billing-related communications with their own customers.

Moody's said higher funding costs, a potential decline in bank capital and growing risk in the commercial real-estate industry prompted many of the downgrades.