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The state's Treasurer's office is urging lenders to make loans to cover the steep costs of adoption. Participating credit unions get an extra incentive by being permitted to accept deposits from public institutions — a perk typically enjoyed only by banks.

The crypto payments startup Circle Internet Financial said it’s closer to submitting an application to operate as a bank in the U.S., pushing forward with a months-old plan even as regulators make it more difficult for crypto companies to secure this kind of license.

The Dutch lender said its predecessor, Hope & Co., played a “pivotal role” in the international slave trade of the 18th century and was actively involved in the day-to-day business of plantations.

Banks have supported initiatives aimed at closing the racial equality gap but the industry risks undermining this by fighting new rules to gather demographic data on small-business lending.

The loss was driven by “funding spread widening as well as credit-valuation adjustments relating to both increases in commodities exposures and markdowns of derivatives receivables from Russia-associated counterparties,” the company said. 

Bread Financial — formerly Alliance Data — offers its first general-purpose Amex credit card to expand consumer finance options following a couple of tumultuous years.

California and New York were the first states to require the disclosure of certain pricing information to small-business borrowers. But as Utah, Virginia and other states add regulations for nonbank lenders, a fault line has emerged over the use of annual percentage rates.

Spence, who joined the Cincinnati bank in 2015, will succeed Greg Carmichael as chief executive in July. He says he’ll maintain the company’s current strategic priorities, including regional expansion and digital transformation.

President Biden is seriously considering Michael Barr, a Treasury Department veteran and an architect of the Dodd-Frank Act of 2010, as the Fed’s chief banking supervisor, according to people familiar with the matter.

A new Consumer Financial Protection Bureau lawsuit claims the credit bureau and the ex-leader of a key unit failed to comply with a 2017 order to stop misleading consumers about credit reporting and monitoring services.