USAlliance Federal Credit Union names Harry Zhu as its next president and chief executive; HSBC launches business account-opening portal in 20 countries; Swift enters next phase of its central bank digital currency solution and more in the weekly banking news roundup.

Carrie Tolstedt, the company's former retail banking chief, was sentenced to three years of probation, including six months of home confinement. A federal judge detailed why she denied the stiffer sentence sought by federal prosecutors, who wanted to send a message about the consequences of white-collar crime.

A movement is afoot to transfer the job of the Federal Home Loan banks to the Federal Reserve. This would be a disaster for small lenders.

Despite an industrywide rough patch, EverBank still sees promise in the niche business line. The Jacksonville, Florida, company has hired a pair of prominent industry experts to lead a new division tasked with serving investment funds.

Carrie Tolstedt, scheduled to be sentenced Friday for her role in the company's phony-accounts scandal, has already paid for her crime and should receive three years probation, her attorneys argue in a sentencing memo. Prosecutors have recommended a year in prison.

Fraser has a plan to reduce the number of management layers at Citi, shrink its workforce, speed up decision-making and give herself more control of the bank's five core businesses. "It's going to make some of our people very uncomfortable," she said.

The five-year deal puts Citizens' brand name in front of New Yorkers, as the bank continues to expand after buying HSBC's East Coast branches as well as Investors Bank last year.

Lenders either write down portions of soured credits or charge them off altogether to remove them from their balance sheets. Banks also set aside reserves to cover potential future bad loans. This allowance creates a buffer for lenders to absorb losses.

Following New York Community Bancorp's acquisition of Flagstar, the company is ditching the regional bank brands that it long used. CEO Thomas Cangemi calls Flagstar a "neutral" but "patriotic" name that underscores the firm's nationwide expansion strategy.

Recent Arizent research shows that having appealing digital spaces is one of the most important factors for customer experience at banks.

Republican Josh Hawley, the senior senator from Missouri, says he intends to offer legislation that would cap credit card rates at 18%. For a bill designed to go nowhere, it's a surprisingly good idea.

The buy now/pay later lender expects those increased expenses — brought on by rising interest rates — to eat into one of its key metrics: revenue less transaction costs.

After taking incremental steps to bolster its wealth management business, the Rhode Island bank is preparing to roll out a broader strategy focused on high-net-worth clients.

The avoidance of one of the harsher economic scenarios is good news for banks, which are also contending with tighter profit margins and increasing competition for customers. But loan growth and credit quality could be at risk.

Merchants Bancorp says it will sell a total of four branches to two buyers and focus more on its core residential mortgage lending business. Banks of all sizes have been pruning branch networks in recent years.

The deal, approved by a federal judge on Friday, resolves claims alleging that former CEO Tim Sloan and other bank executives made misleading statements to investors, the media and Congress.

Merrimack Valley Credit Union is launching a disaster relief loan, William Daley will retire from Wells Fargo, New York Community Bancorp promotes Signorille-Browne to COO and more in the weekly banking news roundup.

Ashton Ryan Jr. was convicted on dozens of fraud and conspiracy charges connected to the 2017 failure of the New Orleans bank he founded.