Hanscom Federal Credit Union in Bedford, Massachusetts, has chosen Peter Rice to succeed David Sprague, who announced his retirement last year.

In many cases, it's as difficult to move money as it is to move products around the globe. Firms like Rapyd and BNY Mellon are trying to ease concerns that businesses have about automating payments, with a goal of reducing friction in an increasingly complex global economy.

Large and regional banks are not only slashing overdraft fees, they’re introducing small-dollar loans to help customers cope with income shortfalls. The policy changes made recently by just five banks could save consumers as much as $2 billion a year, according to a new analysis.

Democrats cited the increasing share of home purchases by Wall Street firms while Republicans pointed to rising conforming loan limits and other measures by Fannie Mae and Freddie Mac during the Senate Banking, Housing and Urban Affairs committee hearing.

"In many cases, these are fees where there's not even a service provided or where the bank or financial institution doesn't even do any work,” Rohit Chopra of the Consumer Financial Protection Bureau said Thursday in public remarks.

The Pennsylvania bank expects to generate $1 billion in loans this year from new lines of business focused on broker-dealers, insurance companies and more.