The companies will use funding obtained from private investors to develop or expand products that help business owners send and receive money more quickly and manage their operations.

Jerome Powell sought to strike a political balance at his reconfirmation hearing. He assured Republicans the Federal Reserve wouldn't overstep its authority on bank mergers and other matters, while telling Democrats the central bank has a responsibility to monitor financial stability and the risks of climate change.

South Carolina Federal Credit Union and G.H.S. Federal Credit Union plan to combine into an institution with roughly $3 billion of assets and more than 176,000 members.

Cryptocurrency kiosks are increasingly suspected of being used in the smuggling of human beings and drugs. Law enforcement agencies need more information about their locations, according to a government watchdog report.

The Louisiana-based company is among a growing number of community banks that have taken on new talent in the wake of competitors' consolidation.

Darrick Weeks takes over from Tom Knothe, who has been interim chief executive since June 2021.