New York

The governor's proposed license for buy now/pay later lending adds momentum to the efforts to rein in the fast-growing and unregulated product.

The changes include elevating several recently hired executives while eliminating nearly two dozen jobs and trimming annual operating expenses by $6 million.

"I got cut," he told The Bond Buyer. "I'm looking for a new job now."

The Florida lender hired corporate bankers in New York City who had previously worked at First Republic Bank, which collapsed last week.

First elected to the House in 1992, Rep. Carolyn Maloney has played a key role in passing major financial legislation, including the 2009 "bill of rights" for credit card consumers. Rep. Jerry Nadler, another House veteran, won their intraparty clash forced by redistricting.

Adrienne Harris, who did stints at the Treasury Department and National Economic Council during the Obama administration, would succeed Linda Lacewell as superintendent of the state's Department of Financial Services.

Financial Services Superintendent Linda Lacewell said she will step down Aug. 24, the same day Gov. Andrew Cuomo plans to leave following a sexual harassment investigation. The state’s attorney general found that Lacewell helped with the governor’s public relations response to the allegations.

Two upstate New York credit unions are combining to create an $8 billion-asset institution, continuing a trend of bigger deals driven by a need to match the scale and technological capability of rival banks.

The Rhode Island bank is doubling down on the nation’s largest market after agreeing in May to buy dozens of branches from HSBC. Meanwhile, Investors Bancorp’s decision to sell itself underlines the challenges facing smaller regionals.

The company has long focused on customers with ties to the two states. But as it emerges from the pandemic seeking new lending opportunities, CEO Rajinder Singh says, “We are looking at markets from Boston all the way down to Atlanta.”