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Banks must seek and obtain prior approval before engaging in cryptocurrency-related activities, and those that already engage in such activities must immediately notify the agency, the New York State Department of Financial Services said. 

Citigroup said it will wind down its consumer banking business in China, a move that is expected to affect about 1,200 employees in the country.

Citigroup told employees they can work from anywhere for the final two weeks of the year, as Chief Executive Jane Fraser bucks a trend among rivals to get office workers back to their desks full time.

Ryan McIntyre will become president and CEO of Empower Federal Credit Union in Syracuse, New York, on Jan 3. He was most recently chief strategy officer at VyStar Credit Union and worked at Regions Bank for 15 years.

American Banker is starting an Innovators of the Year program for 2023 to honor technology innovators at financial institutions and fintech firms. This expands on our Digital Banker of the Year awards, which we have recognized for the past decade.

American Banker is launching a program that will recognize the women leaders who make a difference in financial technology.

The Small Business Administration must be prepared to effectively oversee any new lenders it allows in its flagship 7(a) loan guarantee program to guard against fraud and other risks, Democrats and Republicans on the Senate Small Business Committee warned.

The app, Magnusmode, includes illustrated instructions for depositing a check, using an ATM and more. M&T Bank was its first U.S. bank partner.

The Federal Reserve raised its benchmark interest rate by half a percent this week, but chair Jerome Powell said the question now is how long to keep monetary policy tight.

Mitsubishi UFJ Financial Group is in talks to invest about $200 million in Akulaku, an Indonesian online lender backed by Jack Ma's Ant Group, according to people familiar with the matter.