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Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.

While the risks, benefits and magnitude of artificial intelligence's impact on financial services remain unclear, agencies should keep an open mind toward the technology and avoid reflexive risk aversion in bank supervision, Federal Reserve Gov. Michelle Bowman said.

In its latest financial stability report, the Federal Reserve warned high equity valuations and low levels of liquidity could leave the financial system vulnerable to shocks.

A sale would mark a swift retreat from the intensely competitive credit card business, where Ally competes with giant players such as Capital One.

The Columbus, Ohio-based regional launched Lift Local Business in October 2020 with a $25 million ceiling. Four years and $133 million later, the program is still going strong.

The bank and payment company are using the technology that underpins digital assets to improve interoperability for international transactions, a major point of friction in trade finance.

The niche buy now/pay later firm is looking for differentiation in a crowded market with recognizable brands like Klarna, Affirm and Afterpay.

The North Carolina-based bank rolled out a multiyear program to provide loans, investments and philanthropic support to communities in the western part of the state.

The SEC chair's ambitious agenda drew fierce resistance from Wall Street and the crypto industry.

The contract gives the nation's oldest bank access to more than $3 billion in deposits a month. Comerica, the current administrator, has received a three-year extension of service to help with the transfer.

The Federal Reserve issued an enforcement action against the former head of Heartland Tri-State Bank, who embezzled millions of dollars after falling victim to a crypto scam.

Acting Comptroller of the Currency Michael Hsu said that while artificial intelligence is a potentially transformative technology, regulators should be wary of waiving liability for its use in banking.

Existing efforts to reform the Federal Home Loan Bank System may look dead on arrival in a Trump administration, but the proposed Department of Government Efficiency may not be able to resist such low-hanging fruit.

Amid steady customer growth, USAA's banking arm failed to make the investments necessary to satisfy either its regulators or some decades-long customers. Changes in the executive suite haven't fixed the problems.

The Consumer Financial Protection Bureau has significantly raised the transaction threshold for its larger participant rule — which defines which firms will be affected — from 5 million annual payments to 50 million.

The Federal Reserve governor said the Supreme Court ruling could bring needed transparency and efficiency to regulatory policymaking.

Whoever is named SEC chair by the president-elect is likely to take a lighter hand on crypto, AI and "regulation by enforcement."

The payment company is using its Xoom transfer app to bring PYUSD to a broader market; while Barclays is reportedly in talks with Brookfield Asset Management to sell a portion of its payments business. That and more in our global payments news roundup.

The fintech's Cash Out product charges the equivalent of 300% interest, the Attorney General alleged.

Robert Thompson was charged with using nonpublic information about New York Community Bank and Capital One to execute stock trades. His guilty plea could come with up to 25 years behind bars.