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The head of the Managed Funds Association takes issue with a recent column calling for stricter oversight of nonbank financial institutions.

Noelle Acheson explains the significant differences between tokenized deposits and deposit tokens, and why it matters for the future of banking and payments.

The economy added an unexpectedly robust 119,000 jobs in September, though unemployment edged up to 4.4%. The report, delayed by the federal government shutdown, continues a trend of sluggish job growth in recent months.

The Federal Reserve played a behind-the-scenes role in facilitating the sale of PacWest Bancorp, providing an enticement to private-equity interests to make a deal happen, according to agency records and recent comments by a prominent banking lawyer.

House Financial Services Committee Chair French Hill, R-Ark., said he wants to consider a range of ideas on how to improve deposit insurance and other issues facing community banks beyond a Senate bill raising insurance for business accounts.

The $22.7 billion-asset company may be interested in buying certain banks that HoldCo Asset Management presses to sell in the future, Chairman and CEO John Allison said. Home is planning to announce its next acquisition in December.

The U.K.-based banking giant will add a fintech that enables it to compete with Apple Pay, while Global Payments has added Uber Eats as part of its Genius-branded point of sale rollout. Plus: Visa has advanced account-to-account payments in the U.K. and more in the global payments and fintech roundup.

The 170-year-old Salem Five Cent Savings Bank has hired one private banker and could scale the business further if its performance matches management's expectations.

The parent of Crosscountry Mortgage plans to use proceeds to pay down its mortgage-servicing rights line of credit as well as for general corporate expenses.

Kunal Mehta, also known by the alias "Shrek," used shell companies and bulk cash drops to clean millions for a cybercrime ring that stole $263 million.