State Street Corp.'s board approved a policy Friday requiring it ordinarily to obtain shareholder approval before adopting any future shareholder rights plan.
An exception to the requirement was adopted to let a majority of independent directors decide to adopt a rights plan in order to avert the delay needed to seek shareholder approval.
Any plan approved without prior shareholder approval would expire within a year of adoption, unless shareholders ratified it.
There's been an onslaught of nonbank financial technology company charter applications and approvals already this year.
A business unit CEO Jane Fraser called a "crown jewel" during the bank's first-quarter earnings call says its reaping efficiencies through virtual assistants.
The Pennsylvania-based regional bank said it will collaborate with OpenAI to deploy artificial intelligence across its commercial banking operations. OpenAI technical teams will be onsite to build custom AI capabilities.
The Treasury Department will look at recipients of awards from the Community Development Financial Institutions Fund for "potential violations of applicable law" as the Trump administration continues its campaign against alleged abuses related to the program.
Sen. Thom Tillis, R-N.C., said on Sunday that he no longer opposes Kevin Warsh's nomination to serve as chair of the Federal Reserve following the Justice Department's announced closure of its inquiry into current Fed Chair Jerome Powell.
Banks weighing stablecoin partnerships need to know whose playbook regulators will endorse before another major crypto theft tests the question.
