New York

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.”

The New York institution is believed to be the first credit union to open its doors to the general public as part of the mass vaccination effort.

United Neighbors Federal Credit Union holds just $4.4 million of assets, but the addition will help broaden SeaComm's branch network and expand its member base.

The department of financial services will grant credit under the state's community reinvestment law to New York-chartered banks and credit unions that finance projects aimed at helping low-income communities better adapt to a warming world.

The measure, just the second of its kind the nation, mandates that fintechs, factoring firms and other nonbank small-business lenders clearly explain the terms and conditions to borrowers.

Though it is unclear why Rhinebeck Bancorp is looking to form Rhinebeck Commercial Bank, other mutual banks have pursued the strategy to work around a state law barring them from working with municipalities.