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More than 66% of the banks reported a jump in net income during the first quarter but new risks are emerging in interest rates and underwriting, the Federal Deposit Insurance Corp. said Wednesday.

Having already recently absorbed Los Angeles-based Cedars-Sinai FCU, Credit Union of Southern California is now set to pick up tiny FedONE FCU.

The information you need to start your day, from PaymentsSource and around the Web. Today: Singapore pushes digital ID; Walmart hires an innovation chief; A French youth payment app raises funds; Coinbase expands PayPal support to Canada.

Currently, the maximum a federal credit union can charge on most loans is 18%. But a proposal from Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez to lower that to 15% on consumer credit could reduce access, experts said.

The responsibility falls on employers to facilitate a payroll function that helps their workers access funds efficiently regardless of whether an employee chooses or is forced to forgo traditional banking, writes Brian Radin, president of Comdata's prepaid and payroll card business.

When it comes to naming the U.K.’s biggest cashless hubs, Bristol may not immediately spring to mind — but the city has topped Manchester, Birmingham and even London to lead the way as the country’s contactless capital.

It's tempting to reach for higher returns on securities in anticipation of tightening margins. However, that strategy has pitfalls, including underestimating risks or being caught flat-footed by future rate moves.

The agency's spring rulemaking agenda includes the process for collecting small-business data as well as underwriting rules for GSE-backed loans. But what's missing from the list may be just as important.

Steve Hagerman, who was responsible for the first mortgage platform at JPMorgan Chase, will be head of consumer lending technology at Wells. It also named Gary Owen, a veteran of WarneMedia, Promontory Financial and Citi, its chief information security officer.

Dion Williams, former CEO of Del-One Credit Union, is returning to his native North Carolina to take over for Judy Tharp, who recently retired.