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In placing the $6.6 million-asset institution in conservatorship, the regulator has taken charge of two credit unions in just the first two weeks of the year.

Sigal Zarmi, who took on broader duties this fall, is modernizing the company's technological infrastructure and using reverse mentoring to combat bias in the workplace.

Fourth-quarter results were hurt by restructuring and customer-remediation charges, but the release of credit-loss reserves and the sale of a student-lending business gave an unexpected boost to net income.

The action is expected to be challenged by banks and the Biden Administration; the Fed chair says the central bank has no plans to raise rates or tighten monetary anytime soon.

Strong trading and investment banking fees also contributed to a 42% increase in profit to $12.1 billion in the fourth quarter.

Fresh market interest and government action have created a chance for payment technology providers like Circle to promote blockchain-powered transactions.

While fintech's advancement creates a pathway for innovation, it also expands exposure to unintended risk, says Flywire's Mike Massaro.

Issued in the final days of the Trump administration, the regulation has united banks, gun-control advocates and environmentalists in opposition. It could be blocked by Congress or a comptroller chosen by the new president.

In a party-line vote, the agency issued a proposal that would redefine a "complex" credit union.

The FHFA and Treasury will allow Fannie Mae and Freddie Mac to hold more capital as part of the Trump administration's plans to release the companies from conservatorship. But it is unclear whether the incoming Biden administration will keep the mortgage giants on the same reform path.