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The Federal Reserve governor said it is healthy to examine the regulatory architecture, but stressed the importance of the central bank having insight into the banking system.

BMO hired former CEO of Citi Private Bank Halé Behzadi to accelerate the bank's growth strategy in California; Pennsylvania's Linkbancorp received regulatory approval to sell its New Jersey operations to a credit union; Dream First Bank announced plans to gain branches throughout Oklahoma; and more in this week's banking news roundup.

A group of states are pursuing similar efforts to cap credit card interchange fees, endangering rewards programs that customers value and raising concerns about an illegal interstate compact.

The midyear fee hike was necessary to reverse a revenue shortfall in the agency's 7(a) program, according to Administrator Kelly Loeffler.

The Consumer Financial Protection Bureau said in a court filing that it plans to reverse its interpretive rule tightening standards for Pay in 4 buy now/pay later loans.

The San Francisco bank announced Monday that it has shed its fifth regulatory order this year — this one related to loss mitigation practices in its home lending business.

The Treasury Department told the OMB that all 11 programs in the CDFI Fund are statutorily mandated. The White House said "no final decisions have been made" about the programs.

The Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency say they will move to rescind a 2023 reform to the Community Reinvestment Act, citing litigation concerns about the rule.

The SEC had sued the cryptocurrency exchange for allegedly operating as an unregistered securities exchange, broker, dealer and clearing agency. The case was dropped with prejudice.

Fintech firm Mercury, which provides banking services to businesses, says it now has 200,000 customers after raising $300 million in C-round funding.