Organization Root Tag

Paul Burdiss' departure marks the second time in as many years that the Salt Lake City-based company has switched the CEO of its Utah, Idaho and Wyoming division.

While the term "financial supermarket" may have gone out of fashion, firms still see opportunity to boost profits and keep clients loyal by blurring the lines between banking and wealth management.

Proxy advisory firm Institutional Shareholder Services recommended approval of Fifth Third's $10.9 billion proposed acquisition of Comerica.

The Consumer Financial Protection Bureau in an advisory opinion said that "covered" earned wage access products should not be considered an extension of credit under the Truth in Lending Act. It also said that expedited delivery fees and tips should not be considered finance charges.

Ida Liu, who resigned from Citi earlier this year, will join HSBC on Jan. 5 as the CEO of the private bank. Liu will be tasked with accelerating the growth of the private bank "at a defining moment for wealth," she said in a LinkedIn post.

The Swedish financial institution has developed an open standard that allows merchants' products to be catalogued and discovered by AI agents. It was designed to complement Stripe and OpenAI's Agentic Commerce Protocol.

The card networks have entered a series of partnerships in Europe and Asia amid signs of growing demand and Apple's waning control over the underlying technology.

The Senate confirmed Travis Hill as the chairman of the Federal Deposit Insurance Corp. as part of a slate of nominations that were approved late Thursday. Hill has been serving as acting FDIC chair since January.

The Federal Reserve Board voted 6-1 on Friday to seek public comment on a proposed "skinny" master account.

The Dallas bank turned down another offer because it thought it could get a higher price from Fifth Third, and also could ink an agreement faster, according to Comerica's latest regulatory filing.

The payment fintech is marketing technology that lets merchants sell through AI agents; Google adds a credit card for India's national real-time payment rail. That and more in American Banker's global payments and fintech roundup.

The megabank cleared a regulatory hurdle when the Office of the Comptroller of the Currency freed it from a July 2024 amendment to a consent order. Two other orders, one from the OCC and the other from the Federal Reserve, remain in place.

The Federal Reserve said in a statement that its "understanding of innovation products and services have evolved" since the initial guidance was published in 2023.

The merger with Heritage Financial joins two commercially focused banks, creating a $21.7 billion-asset institution with a presence in all of the Golden State's major markets.

Banks are unlikely to get the language of the GENIUS Act amended to better defend deposits. But Noelle Acheson explains how that doesn't mean they won't get what they want.

Banesco USA in Miami is among the banks that are eyeing the government-guaranteed lending program as a source of growth.

The House Financial Services Committee unanimously passed bills that would give the Federal Deposit Insurance Corp. more options in resolving failed banks, including by waiving the "least-cost resolution" requirement in some circumstances.

Nine banks and lenders were impacted by the yearslong, $923 million fraud enterprise, according to an indictment of top Tricolor executives. The banks were not publicly named, but JPMorganChase, Fifth Third, Barclays, Louisiana-based Origin Bancorp and Texas-based Triumph Financial have said they would take write-downs.

The regulator signed off on the transaction just two months after the banks applied to merge.

Federal Reserve Gov. Christopher Waller said monetary policy must remain insulated from political pressure, arguing that communication with the White House should be limited. Waller is slated to meet with President Trump Wednesday afternoon.